Biggest Ever Oil Shutdown, Prices Still Below Record Highs

The IEA and ADB confirmed the Middle East conflict caused the largest oil supply disruption ever recorded. Six Gulf producers halted 7.5 million barrels daily after Iran blocked the Strait of Hormuz, a key shipping route. Yet prices stayed below record highs and by early July 2026 had fallen back to near pre-war levels (Reuters). The EIA credited OPEC's two output changes and reopened Hormuz flows.