Global Oil Supplies Face Record Crisis After Iran Attacks

Global oil supplies are experiencing the largest crisis on record six months after the Federal government of the United States and the Cabinet of Israel launched attacks on Iran. These strikes triggered a widespread energy shock that has been compounded by Ukraine's targeted strikes on Russian refining networks and U.S. restrictions on Venezuelan exports.

Countries currently affected by conflict—including Iran, Russia, Ukraine, Libya, and Venezuela—now account for more than 43% of the global oil supply, producing approximately 45 million barrels per day. These combined disruptions have reduced global refining capacity by roughly 10% and pushed U.S. diesel prices to record levels.

To mitigate the impact, the International Energy Agency released record volumes from emergency stockpiles. However, those reserves are now largely depleted as global inventories continue to decline.