[Locomotive Breath]

“The energy supply shock that began in the first quarter is the largest the world has ever experienced,”

False. The answer is the intentional OPEC embargo in 1973.

[Liz]

The 2026 oil supply shock resulting from the war in Iran
is significantly larger than the 1973 OPEC oil embargo.

The ongoing Iran crisis...... driven by the blockage of the Strait of Hormuz..... has disrupted roughly 20 million barrels a day, over four times the ~4.5 million barrels per day removed during the 1973 crisis.-——— Al Jazeera