Brent crude, the global oil benchmark, surged 24.71 per cent to $112.51 per barrel.

The crisis in the oil market came after the US and Israel launched military strikes on Iran on February 28, killing Ayatollah Ali Khamenei, Iran's supreme leader, following which Iran carried out a wave of attacks mainly targeting Israeli and American military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan, and Saudi Arabia.

Oil markets have witnessed several supply shocks over the decades, with even minor disruptions often triggering sharp price movements. Here's a look at some of the major historical outages that have impacted global oil supplies.

Historical oil supply outages

Data compiled by ET Now, citing JM Financial, shows historical oil supply outages and their impact on global oil prices and supply disruptions over the years.

1. Attacks on Saudi Aramco Facilities (September 2019) - Price Change: 12.4 per cent | Supply Loss: 5.7 per cent
2. Hurricane Harvey (September 2017) - Price Change: 12.7 per cent | Supply Loss: 0.6 per cent
3. Collapse of Libyan Production (January 2011) - Price Change: 27.7 per cent | Supply Loss: 0.7 per cent
4. Hurricanes Katrina/Rita (August 2008) - Price Change: 11.2 per cent | Supply Loss: 1.2 per cent
5. EU Enforcement of 10-PPM Sulfur Diesel (March-June 2008) - Price Change: 45.2 per cent | Supply Loss: 1.3 per cent
6. Venezuela Oil Strike (November 2002) - Price Change: 117.5 per cent | Supply Loss: 5.1 per cent
7. Iraq Invasion of Kuwait (August 1990) - Price Change: 58.4 per cent | Supply Loss: 0.5 per cent
8. Start of Iran-Iraq War (September 1980) - Price Change: 28.4 per cent | Supply Loss: 1.5 per cent
9. Hostage-Taking at US Embassy in Iran (November 1979) - Price Change: 17.8 per cent | Supply Loss: 0.3 per cent
10. Arab Oil Embargo (October 1973) - Price Change: 231.6 per cent | Supply Loss: 3.3 per cent