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Middle East War Causes Historic Oil Disruption, Prices Surge

3/13/2026

39 4 Full Breakdown

Summary

Story summary

The International Energy Agency reports the Middle East war triggers the largest oil disruption in history.
Oil flows through the Strait of Hormuz have fallen from 20 million barrels per day to nearly zero.
The disruption is projected to reduce global supply by 8 million barrels per day in March.
The International Energy Agency will release 400 million barrels from strategic reserves.
Brent crude rose above $100 per barrel.

History

Historical Context

The 1973 Oil Crisis began when OPEC imposed an oil embargo in October, targeting nations supporting Israel during the Yom Kippur War. This led to a price surge from $3 to nearly $12 per barrel, causing global supply disruptions and economic turmoil. The crisis reshaped energy policies and consumer behavior, with lasting impacts on the U.S. economy and international relations.

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Story summary

The International Energy Agency reports the Middle East war triggers the largest oil disruption in history.
Oil flows through the Strait of Hormuz have fallen from 20 million barrels per day to nearly zero.
The disruption is projected to reduce global supply by 8 million barrels per day in March.
The International Energy Agency will release 400 million barrels from strategic reserves.
Brent crude rose above $100 per barrel.

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