Oil supply shortage nears 1 billion barrels amid Iran war, recovery to take months, warns Shell CEO.

Shell CEO Wael Sawan revealed that the ongoing conflict involving Iran has caused a nearly 1 billion barrel shortage in global oil supply, equivalent to about 12% of the world's crude. This disruption is the largest in history, with the Strait of Hormuz blockade severely limiting exports. Recovery will be slow, taking weeks to months due to the need to clear mines and redeploy ships. Demand has only slightly dropped, with jet fuel use down about 5%, but fuel shortages could affect some countries by summer as the supply gap deepens.