Over $50 billion worth of crude oil that has not been produced has been lost globally since the Iran war began nearly 50 days ago.

Iranian Foreign Minister Abbas Araqchi said on Friday the Strait of Hormuz was open following a ceasefire accord agreed in Lebanon, while U.S. President Donald Trump said he believed a deal to end the Iran war would come "soon", though the timing remains unclear.

However, Tehran threatened on Saturday to shut the Strait of Hormuz once more if the United States continues its blockade of Iranian ports, hours after Iran announced it had reopened the strategic waterway in the wake of a ceasefire in Lebanon.

Since the crisis began at the end of February, more than 500 million barrels of crude and condensate have been knocked out of the global market, according to Kpler data – the largest energy supply disruption in modern history, reported by Reuters.

Calculations noted that the aftershock of the crisis will be felt for months and even years to come.

Put differently, 500 million barrels of oil lost to the market is equivalent to: curtailing aviation demand globally for 10 weeks; no road travel by any vehicle globally for 11 days; or no oil for the global economy for five days, said Iain Mowat, principal analyst at Wood Mackenzie. It is also nearly a month of oil demand in the United States, or more than a month of oil for all of Europe, according to Reuters estimates; roughly six years of fuel consumption for the U.S. military, based on annual usage of about 80 million barrels from fiscal year 2021; and enough fuel to run the world's international shipping industry for around four months.

Gulf Arab countries lost about 8 million barrels per day of crude production in March, nearly equivalent to the combined production of Exxon Mobil and Chevron, two of the biggest oil companies in the world.

Jet fuel exports from Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Bahrain, and Oman fell from about 19.6 million barrels in February to just 4.1 million barrels for March and April so far combined, according to Kpler data. The loss in exports would have been enough for around 20,000 round-trip flights between New York's JFK airport and London Heathrow, according to Reuters estimates.

With crude prices averaging around $100 a barrel since the conflict began, those missing volumes represent roughly $50 billion in lost revenues, said Johannes Rauball, a senior crude analyst at Kpler. That equates to a 1% cut in Germany's annual gross domestic product, or roughly the entire GDP of smaller countries such as Latvia or Estonia.

Global onshore crude inventories have fallen by about 45 million barrels so far in April, according to Kpler. Since late March, global production outages have reached roughly 12 million bpd.