Oil traders brace as the last tankers to slip through the Strait of Hormuz before the Iran war reach Asian refineries by April 20, sparking a fresh supply shock. Asian buyers have seized a record number of cargoes that would have gone to Europe and the U.S., tightening global flows for energy markets today.

Energy Aspects notes arrivals from the strait, excluding Iranian barrels, dipped to a low of 4 million barrels per day in early April versus the usual 13.4 million, a 70% cut. The U.S. naval embargo, imposed yesterday, hit a channel that carried roughly 20% of global oil and LNG, tightening pricing and logistics for global traders today.

Philippines declared a national energy emergency after gasoline prices doubled; Indonesia and Vietnam urged work‑from‑home to curb consumption. Analysts warn that as these Asian cargoes exit the Atlantic basin, Western refineries may also feel the squeeze. The timing underscores the fragility of the global oil supply chain for investors and businesses today.

With the final pre‑war shipments arriving just days before the U.S. embargo, market volatility has surged. Crude cargoes for immediate delivery now trade well above futures, signaling tight physical markets. Investors watching will focus on how the shock reshapes refinery demand and pricing dynamics across both East and West today.