Almost half the world’s oil comes from countries affected by conflict in 2026, Reuters calculations show, underscoring that current disruptions have eclipsed previous energy crises.
Six months ago, US and Israeli attacks on Iran triggered what has become the largest oil supply crisis on record, with no clear end in sight.
The disruptions have increased the world’s reliance on US oil supplies, though that too has occasionally been disrupted by severe weather
With Saudi Arabia re-routing oil to the Red Sea and Gulf exporters sneaking oil secretly out of the Strait of Hormuz, the current Gulf oil disruption stands at around 5 million to 7 million bpd, according to analysts’ estimates.
