How 50 days of Iran war led to loss of $50 billion worth of oil

LONDON — The world has lost over $50 billion worth of crude oil that has not been produced since the Iran war began nearly 50 days ago and the aftershock of the crisis will be felt for months and even years to come, according to analysts and Reuters calculations. Iranian Foreign Minister Abbas Araqchi said on Friday the Strait of Hormuz was open following a ceasefire accord agreed in Lebanon, while U.S. President Donald Trump said he believed a deal to end the Iran war would come “soon," though the timing remains unclear. Since the crisis began at the end of February, more than 500 million barrels of crude and condensate have been knocked out of the global market, according to Kpler data - the largest energy supply disruption in modern history. Put differently, 500 million barrels of oil lost to the market is equivalent to: * Curtailing aviation demand globally for 10 weeks; no road travel by any vehicle globally for 11 days; or no oil for the global economy for five days, said Iain Mowat, principal analyst at Wood Mackenzie. * Nearly a month of oil demand in the United States, or mor

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