Right now, what's happening in the Middle East is one or two order of magnitude larger... the price of brent basically doubled... the largest supply event in the oil and gas market that I have seen in my career.
Explicitly characterizes the situation as an unprecedented supply shock causing a sharp, sustained price increase.
The war has escalated with major damage to the South Pars gas field (largest in the world), a problem that will take a long time to fix.
This is a major concern as physical damage extends the conflict's duration and recovery time.
Claudio Galimberti
Brent price doubling represents the largest supply event in the oil and gas market since 2002; nothing can compensate for the loss of nearly 10% of global oil supply.
Sanction relief on Venezuela/Russia would only have a marginal impact compared to this shock.