IMF warns world unprepared after Hormuz blockade from U.S.-Israel strikes
The IMF just flagged that the world isn't as ready as it used to be for sudden oil supply problems.
After U.S.-Israel airstrikes on Iran on February 28, a major conflict broke out, blocking 20 million barrels of oil a day from passing through the Strait of Hormuz.
This sent oil prices soaring at first.
Oil prices $90-$100 amid 1bn-barrel shortfall
Prices eventually settled between $90 and $100 per barrel thanks to lower demand and countries tapping into reserves or switching up suppliers.
Still, by the end of May, more than 1 billion barrels, enough for 10 days of global use, were missing from the market, which is even worse than past crises like 1973 or the Gulf War.
With reserves now running low and recovery expected to take months even if things calm down, the IMF says we're left pretty exposed if another energy shock hits soon.