Oil Shortage Scenario Looms Large | EN590 Commodities
EN590 Commodities GroupCrude Oil · May 18, 2026
The Middle East Oil Crisis Has Already Cost Global Businesses $25 Billion Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry. The world is running out of oil. Implausible three months ago, the likelihood of a crude shortage on a global scale is becoming increasingly realistic with each day that the Strait of Hormuz remains almost completely blocked. Analysts are no longer modeling for a swift end to the war between the United States, Israel, and Iran. They are now also allowing for an extended period of severe energy flow disruptions—and it is not looking good. Kplerreportedearlier this month the cumulative loss of oil supply in the Middle East since February 28 had hit 782 million barrels as of May 8 and was on track to expand to 1 bill
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