The Federal Reserve Bank of Dallas estimates in a new study that a recent spring
oil surge above $120/bbl reduced U.S. output by roughly 0.3 percentage point,
far less than similar shocks in the 1980s when U.S. oil import dependence was
higher. A U.S.-backed war on Iran cut about 15% of global oil supply, disrupted
Strait of Hormuz shipping, roiled commodity markets, pushed prices higher,
caused regional shortages and weighed on overall demand.