The International Energy Agency (IEA) reported on Thursday that the military conflict in the Middle East has led to the largest disruption in global oil supplies in history. This shock, following a 13-day conflict, has surpassed the crises experienced during the 1970s. The total oil output from Persian Gulf countries has declined by at least ten million barrels per day, and there are currently no signs of de-escalation in the military actions. The IEA notes that current oil flows through the Strait of Hormuz are less than 10% of pre-crisis levels, making the restoration of these flows critically important to mitigate the war's impact on global markets.