Global Choke Points: Oil, Grain and the Rising Risk to Trade

Strategy Report ·QS Team ·22 Jul 2026

#Oil #Russia #Ukraine #Middle East #Iran #Oil Price #United States #Black Sea #Saudi Arabia #Global Trade #Trade. #International Trade. #Ukraine War #Gulf Region #Iranian War #Gulf War #Chokepoint #ME Oil Supply #SoH Chokepoint
Global Choke Points: Oil, Grain and the Rising Risk to Trade

Four maritime choke points are disrupting global trade at once: Middle East oil shipments have collapsed to 3.1mn bpd from 17mn bpd in three weeks, while the MoLoCHKa offensive and Panama Canal restrictions put roughly 22% of global grain trade at risk. This note maps the supply, price and inflation implications across oil, grain and shipping.

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