Oil companies and governments are consuming their once vast stockpiles as Iran and the United States continue to struggle for control over the Strait of Hormuz.

Saudi Arabia has diverted huge amounts of oil to the Red Sea since the Iran war began, but now the Iranian-backed Houthi militants say that they intend to block that route.

© The New York Times

For a mega-refinery in Ulsan, South Korea, a top exporter of jet fuel to the West Coast of the United States and other places, weaning off Middle Eastern oil is no small feat.

© Chang W. Lee/The New York Times

U.S. oil production is expected to grow only modestly next year as companies hesitate to spend more in an uncertain market.

© Arathy Somasekhar/Reuters

The pace of the recovery will depend on how confident companies are that the deal between the United States and Iran will hold and be extended.

© Reuters

The amount of oil and fuel stored by businesses and governments has fallen sharply since the start of the U.S.-Israeli war against Iran.

© The New York Times

Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.

© Damian Dovarganes/Associated Press

An analysis of oil export data offers clues about which nations have benefited from higher prices, and which have lost a lot of revenue.

© The New York Times