Strait of Hormuz may not fully reopen until second half of 2026, Baker Hughes says

baker hughes is assuming the strait of hormuz won't fully reopen until the second half of 2026, cfo ahmed moghal told investors on the company's first-quarter earnings call. the oilfield services firm is working under the assumption that the u.s.-iran conflict continues through end of june, with full reopening pushed to late next year. "there's still a great deal of uncertainty regarding, ultimately, the duration and depth of the conflict," moghal said. the dallas fed found nearly 80% of oil and gas executives surveyed believe the strait won't reopen until august or later. more than 80% see future disruptions as somewhat or very likely. ceo lorenzo simonelli said "geopolitical risk has become a structural reality for oil and gas markets" after the iran war. the closure has impacted 10% of global oil volumes and knocked offline 20% of global lng supplies, likely resulting in "persistent risk premiums for oil and lng prices." tanker traffic through the strait remains very low as the conflict enters its eighth week, with both the u.s. and iran seizing commercial ships under a fragile ceasefire.