The Iran war that began at the end of February has knocked roughly 500 million barrels of crude oil offline, representing $50 billion in lost production value at current prices. With crude averaging around $100 per barrel since the conflict began, these missing volumes represent roughly $50 billion in lost revenues. The loss in jet fuel exports alone would have been enough for around 20,000 round-trip flights between New York's JFK and London Heathrow. This marks the largest energy supply disruption in modern history.