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Hormuz Disruptions Shut 8 Million Barrels, Boost Margins

8/23/2026

Summary

Story summary

Geologist Art Berman says the Iran-Hormuz conflict has shut in 8 million barrels per day of Gulf oil.
U.S. refineries need specific crude grades, so domestic output cannot fully replace the lost imports.
The Energy Information Administration reported that Hormuz disruptions raised U.S. refinery margins, production, and exports on July 15.
Berman estimates about 80 % of shut wells could near prior output within weeks or months, though some may never recover.

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Story summary

Geologist Art Berman says the Iran-Hormuz conflict has shut in 8 million barrels per day of Gulf oil.
U.S. refineries need specific crude grades, so domestic output cannot fully replace the lost imports.
The Energy Information Administration reported that Hormuz disruptions raised U.S. refinery margins, production, and exports on July 15.
Berman estimates about 80 % of shut wells could near prior output within weeks or months, though some may never recover.