Iran War Triggers Deepest Oil Shock in Modern History, IMF Warns

The Iran war has triggered the deepest oil shock in modern history, surpassing disruptions from previous events such as the 1973 embargo and the 1990 Gulf War.

Kuwait suffered the most violent single shock, with production collapsing from 0.96 million barrels per day to just 0.18 million bpd in 1991 after its oil wells were set alight.

Iraq's post-2003 recovery was remarkable, with production rising more than 250% to a record 4.78 million barrels per day by 2019.