Al Jazeera English
Counting the Cost
Iran war: How big is the global energy shock?
More than 500 million barrels of oil disrupted in just weeks, reshaping global energy flows.
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At the petrol pumps in the United States, petrol prices have just crossed $4 a gallon.
In Europe, some factories are facing energy rationing, and the impact of the supply crunch is being felt across major emerging economies.
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It all points back to one crisis – in just 50 days, the US-Israel war on Iran has wiped out $50bn worth of oil production.
Analysts say that is equal to almost the entire economy of nations such as Estonia and Latvia.
The International Energy Agency says it is the largest energy crisis in history. But while no country will be spared, the burden will not be shared equally.
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Published On 23 Apr 2026