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Six months into Iran war, almost half of global oil flows from war zones

  • Nearly half the world’s oil supply (about 45 million bpd) now comes from countries affected by conflict, leaving global flows unusually fragile.
  • U.S. and Israeli attacks on Iran six months ago set off the biggest oil supply crisis on record, with Gulf disruptions (roughly 5–7 million bpd) and continued risks in the Red Sea/Suez.
  • Fuel and diesel prices have hit record highs, stoking inflation and higher borrowing costs, while emergency IEA stockpile releases are largely exhausted and inventories are falling.
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