RECORD OIL SUPPLY DISRUPTION
Tue Apr 07 2026
The conflict has caused the largest oil supply disruption on record, estimated to have removed as many as 12 to 15 million barrels per day, or up to 15 per cent of global supply.
Oil prices could spike above US$150 a barrel, an all-time high, if flows via Hormuz remain disrupted into mid-May, JPMorgan said on Thursday.
Iran said on Saturday that Iraq was exempt from any restrictions on transit through Hormuz, and shipping data on Sunday showed a tanker loaded with Iraqi crude passing through the strait. However, it remains unclear whether more vessels will take the risk, a source close to the issue said.
The eight OPEC+ members hold their next meeting on May 3.
