Record 7.5 Million Barrel Oil Shutdown, Prices Still Below Historic Peaks

The IEA and ADB confirmed the Middle East conflict triggered the largest oil supply disruption on record — six Gulf producers shut in 7.5 million barrels per day after Iran closed the Strait of Hormuz. Yet prices stayed below historic peaks and by early July 2026 had retraced to near pre-war levels (Reuters). The EIA attributed the compression to OPEC's two production adjustments and resumed oil flows through Hormuz.