Kloza: Strait of Hormuz is only lever on gas

By The BriefBrief

Tom Kloza said reopening the Strait of Hormuz is the only lever with major impact on fuel prices and warned gasoline could reach $5 or higher if it stays closed.

WHO: Tom Kloza

WHAT: Kloza warns gasoline prices could hit $5 if Strait of Hormuz stays closed

WHEN: May 11, 2026 at 6:00 PM ET

WHERE: United States

WHY: His comments were a reaction to the Strait of Hormuz being closed and the resulting fuel-price risk.

How this story developed (showing 13 of 13 earlier reports)

Strategists warn Europe faces oil shortages within weeks · May 18, 2026 at 9:02 AM ET
US and Iran stall on Hormuz reopening as oil supplies tighten · May 16, 2026 at 8:06 PM ET
Oil stockpiles may near record lows if Hormuz closed · May 16, 2026 at 10:00 AM ET
Oil supply loss nears 1 billion barrels in 75 days · May 13, 2026 at 7:03 PM ET
IEA: World oil reserves draining at record pace · May 13, 2026 at 4:07 PM ET
Reopening Strait of Hormuz brings uncertain risks · May 13, 2026 at 4:03 PM ET
OPEC sees slower demand growth as Hormuz output falls · May 13, 2026 at 10:00 AM ET
Shipping industry fears fuel shortages as Iran war squeezes supply · May 12, 2026 at 7:03 AM ET
Saudi Aramco CEO: Strait of Hormuz shut costs 100m bpd · May 12, 2026 at 6:03 AM ET
Aramco CEO: oil market may not normalize this year · May 11, 2026 at 11:00 AM ET
Oil executives say Iran blockade will reshape global energy markets · May 9, 2026 at 9:00 AM ET
Oil rises as U.S.-Iran fire exchange rattles Hormuz ceasefire · May 8, 2026 at 3:03 AM ET
Shell CEO: Oil market short nearly 1 billion barrels · May 7, 2026 at 4:00 PM ET

Reporting from 10 identified publishers across this event arc.

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Publishers represented across this event arc

ABC News — View reporting
Al Jazeera — View reporting
Bloomberg —
2 articles
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- View article 2
CNBC Top News —
6 articles
France 24 — View reporting
MarketWatch —
3 articles
New York Times — View reporting
Rio Times — View reporting
Straits Times — View reporting
The Hindu — View reporting

These publishers contributed reporting to the broader event history. Not every source addresses the specific development described above.

How this brief is built: The BriefBrief correlates multiple sources into one evolving event brief, updated as new facts emerge.

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