<div id="readability-page-1">Historic supply shock: IEA says Hormuz closure has removed up to 20% of global oil supply, surpassing past crises in scale. Corporate profit squeeze: Swiss chemicals maker Clariant’s Q1 profit fell 16% as Middle East demand weakened and costs rose. Prolonged crisis risk: OPEC output has dropped over 30% since war began; Aramco warns disruptions could extend into 2027.</div>

<p>The closure of the Hormuz Strait has led to a historic supply shock, removing up to 20% of global oil supply, according to the IEA. Swiss chemicals company Clariant reported a 16% drop in Q1 profit due to weakened demand in the Middle East and rising costs. OPEC's output has decreased by over 30% since the onset of the war, with Aramco warning that disruptions may continue until 2027.</p>

Hormuz blockade drives record oil shock, corporate hits