Oil market braces for a near-billion-barrel hole as Iran conflict disrupts supply
Shell CEO Wael Sawan says the war in the Middle East has created roughly a 1-billion-barrel hole in global crude, about 12% of the world’s supply, and recovery will be long; jet fuel demand is down about 5%, and executives warn that oil flows may take weeks to months to normalize, with some countries potentially facing shortages this summer as the Strait of Hormuz remains a critical chokepoint.