The Dutch cabinet will activate the first phase of the national oil crisis plan on Monday as global energy markets are disrupted by renewed instability in the Strait of Hormuz, where Iran has reportedly blocked a key shipping route and opened fire on commercial vessels, sending oil prices sharply up and down. The United States is also continuing to detain ships in the Strait.
It is strange that most countries do not seem to really prepare for severe supply shortages.
In the second quarter of 2020, the global response COVID with widespread lockdowns and cease of travel lowered global demand of oil by only 10%. Briefly, the oil price approached almost zero.
Now, supply is forcefully reduced by about 20%.
Another number is that the oil price spike of 2008, where brent crude went over 100 USD per barrel, was supposedly triggered by a much smaller shortfall of supply (if I remember correctly, in the order of a few percent).