The Israel-Iran war is the largest oil disruption in history as tanker traffic through the Strait of Hormuz remains at a standstill, according to Rapidan Energy Group, a leading energy market, policy, and geopolitical data and research firm.

The war has disrupted about 20% of the world's oil supply for nine days and counting, more than double the previous record set during the Suez Crisis of 1956-57, which disrupted just under 10%.

Oil prices continued to soar on Monday as the Iran war intensified, threatening production and shipping across the Middle East and straining energy supplies worldwide.

The price of Brent crude, the international benchmark, briefly surged to $119.50 per barrel on Monday — its highest level since the summer after Russia invaded Ukraine in 2022. West Texas Intermediate, which is produced in the U.S., also soared to $119.48 per barrel at one point.

"The conflict has not only taken offline a historically high share of global supply — it has simultaneously disrupted the primary holders of spare capacity," the Rapidan analysts said.

"The result is a market with no meaningful cushion. There is no swing producer positioned to step in," they said.

Those prices fell under the $100 mark later Monday. But that's still much higher than than the roughly $70-a-barrel crude was selling for before the U.S. and Israel launched the war against Iran on Feb. 28.

Fears of attacks have all but stopped tanker traffic in the Strait of Hormuz, a narrow waterway off Iran's coast where about 20% of the world's oil sails through on a typical day.

Major oil producers in the region such as Iraq, Kuwait, and the United Arab Emirates have cut production due to export constraints because they are running out of storage space. Iran, Israel, and the U.S. have all struck oil and natural gas sites since the war started, worsening supply concerns.

President Donald Trump on Monday said tanker crews should "show some guts" and sail through the Strait of Hormuz.

"These ships should go through the Strait of Hormuz and show some guts; there's nothing to be afraid of. ... They have no navy, we sunk all their ships," Trump said, according to Fox News host Brian Kilmeade, who recounted the president's remarks in an interview.

The Associated Press contributed to this report.

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