<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>One to two million barrels of crude oil could be permanently lost from global markets if the </span><a href="http://www.9news.com.au/" rel="" target="" title="Iran"><span>Iran</span></a><span> </span><a href="http://www.9news.com.au/war" rel="" target="" title="war"><span>war</span></a><span> causes supply to be disrupted in the long term, according to ANZ.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The blockade of the Strait of Hormuz has cut off nearly a fifth of global oil flows, and producers in the </span><a href="http://www.9news.com.au/middle-east" rel="" target="" title="region"><span>region</span></a><span> face having to stop production if they cannot store oil or find other ways to transport it.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ANZ analysts earlier this week estimated that 10 million barrels per day of crude had been removed from the market compared to January, and recovery could be slow and uneven.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>LIVE UPDATES:</span></strong><span> </span><a href="https://www.9news.com.au/world/us-israel-iran-war-live-updates-april-17-donald-trump-latest-world-news-headlines/d7652f60-9d6d-4fc3-b566-b0df27fb328f" rel="" target="" title="Trump renews criticism of Australia"><strong><span>Trump renews criticism of Australia</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ANZ senior commodity strategist Daniel Hynes </span><a href="https://www.afr.com/markets/equity-markets/asx-to-open-higher-even-as-peace-talks-falter-20260412-p5zn9x?post=p5a9pl" rel="" target="" title="told the Australian Financial Review"><span>told the Australian Financial Review</span></a><span> "we cannot assume all disrupted supply will return".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We see a credible risk that one to two million barrels per day of capacity may be permanently lost or limited," Hynes said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>He said if the recovery continued to stall, "the market is likely to require sustained prices above $US100 to ration demand and prompt stock drawdowns".</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/world/fuel-crisis-australia-two-million-barrels-crude-oil-could-be-permanently-lost-iran-war-anz-warns/b5a1f05b-8d03-41cc-8a93-e04c1d0b328b" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The price of oil has risen and fallen erratically since the US war with Iran began at the end of February, rising 64 per cent in March and peaking at $US118 a barrel.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>FUEL CRISIS:</span></strong><span> </span><a href="https://www.9news.com.au/world/europe-has-six-weeks-of-jet-fuel-left/732ad6e2-c4a9-4ed5-b4ec-5e995496cc7a" rel="" target="" title=""><strong><span>Europe has 'six weeks of jet fuel left,' energy boss warns</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The price has continued to fluctuate in line with escalations and de-escalations in the war and statements by US President </span><a href="http://www.9news.com.au/donald trump" rel="" target="" title="Donald Trump"><span>Donald Trump</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The blockade of the Strait of Hormuz has cut off nearly a fifth of global oil flows, triggering supply shortages.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Brent crude was this morning trading at $US98.35 a barrel.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" 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