Global oil supplies are being drained at a record pace as the war in the Middle East continues to choke

supplies moving through the Strait of Hormuz.

That’s according to the International Energy Agency (IEA) which says more than 10 weeks into the

crisis, cumulative supply losses from Gulf producers have already exceeded 1 billion barrels with more

than 14 million barrels per day of oil now shut in — the largest supply disruption ever recorded.

https://www.energylivenews.com/2026/05/18/iran-war-causes-largest-ever-oil-supply-disruption/