Iran War Has Cost The World $50 Billion of Lost Oil Supply, So Far

Seven weeks after the war in the Middle East began, the world has already lost 500 million barrels of oil supply, equal to around $50 billion at an average price of $100 per barrel, around which futures prices have been hovering since February 28. The losses are enormous and continue to pile up as traffic through the Strait of Hormuz, where 20 million barrels per day of oil supply moved before the war, remains severely restricted, and tensions in the region escalated again. Even if traffic were restored today at full capacity, oil and LNG supply…