According to the IEA's Oil Market Report from May 2026, the conflict in Iran has resulted in the most significant supply disruption ever seen in the global oil sector. With total supply losses surpassing one billion barrels and 14 million barrels per day currently offline, analysts indicate that the market may not stabilize until 2027, even if the Strait of Hormuz is reopened. Consumers in the US can expect high fuel and food prices for the rest of the year.
