Originally Posted by Beech Dude

Ok. Spigot being a euphemism.

US ops haven't destroyed any energy infrastructure. If you're referring to Kharg Island; only military targets were hit.

As stated earlier, global shortages are in the 5-7 billion barrels/day ballpark. That's in-line with the 70s embargo numbers and current Brent is at $103. So similar daily deficit to the embargo days (with more energy produced today then before so that 7% is even lower) and only $3 per barrel more than 2022; again, this is a short term shock, not some mass global catastrophe that you stated from the IEA's panicked message of "in the history of the global oil market."