It's official: We are now witnessing the largest energy supply disruption in modern history. Since the start of the Iran War on February 28th, more than 500 million ​barrels of crude and condensate have been removed form the global market. In other words, global supply has now lost ~$50 billion ​worth of crude oil production since the Iran war began nearly 50 days ago. This is the same amount of fuel it takes to run the world's international shipping industry for 4 months. The world has never seen anything like this before.(The Kobeissi Letter)