Comparison of Iran War Oil and Gas Supply Shock with Past Disruptions
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, according to Reuters calculations. The International Energy Agency (IEA) has labeled the conflict as the worst energy crisis, combining it with the European gas crisis from Russia's invasion of Ukraine. The disruption has revived comparisons with past energy shocks, such as the 1973 Arab oil embargo and the Iranian Revolution.
Topics: energy crisis energy security Iran war oil supply disruption Strait of Hormuz