The U.S.-Israeli war with Iran and the closure of the Strait of Hormuz have caused the largest oil supply disruption on record by daily output lost.

• The peak supply loss currently stands at over 12 million barrels per day, equivalent to 11.5% of global oil demand.
• The International Energy Agency (IEA) has called this the worst energy crisis the world has faced, combined with the lingering effects of the 2022 European gas crisis.
• Unlike earlier shocks primarily affecting crude oil, this crisis simultaneously impacts crude, natural gas, refined fuel, and fertilizer supplies due to increased global trade and the Middle East's expanded role in producing finished fuels.