The global oil market has lost over $50 billion in crude production since the war involving Iran began nearly 50 days ago, according to industry data.

More than 500 million barrels of crude and condensate have been removed from the market, marking one of the largest energy supply disruptions in modern history.

Abbas Araqchi confirmed the reopening of the Strait of Hormuz following a ceasefire, but warned it could be shut again if the United States continues its blockade of Iranian ports.

The disruption has slashed production, reduced exports, and driven crude prices to around $100 per barrel, with long-term economic impacts expected globally.