Norway Shatters Oil Export Record as Hormuz Crisis Lifts Prices

(MENAFN) A global energy crunch fueled by Middle East hostilities and the blockade of the Strait of Hormuz propelled Norway's goods exports to a dramatic surge in April, with crude oil shipments shattering all previous records, fresh official data showed Friday.

Statistics Norway reported total goods exports of 176.7 billion Norwegian kroner — roughly $18.9 billion — last month, a striking 20.9% jump compared with the same period a year earlier.

Senior adviser Jan Olav Rorhus of Statistics Norway pointed directly to the geopolitical turmoil driving prices skyward. "The conflict in the Middle East and the blockade of the Strait of Hormuz have led to a further increase in oil prices in April," he said in a statement, adding: "The average oil price in April is the highest since July 2022."

Crude oil exports bore out that assessment in historic fashion, soaring 86% year-on-year to 61.4 billion kroner ($6.5 billion) — the highest export value ever recorded for the commodity, the agency confirmed.

The surge, however, masked weakness elsewhere. Mainland exports, stripping out the energy sector, retreated on both a monthly and annual basis, underlining Norway's continued dependence on hydrocarbon revenues for headline export growth.

The Strait of Hormuz — a critical maritime chokepoint handling a significant share of the world's oil and gas shipments — has remained largely impassable to most vessels since the US and Israel launched military operations against Iran in February, sending shockwaves through global energy and cargo markets.

A ceasefire brokered through Pakistani mediation took hold on April 8, though subsequent negotiations in Islamabad failed to yield a durable settlement. US President Donald Trump later extended the truce unilaterally, without setting a fixed expiration date.

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