Global oil reserves plunge at record pace as Middle East war strains supplies
Stocks near 8-year low ahead of summer travel season despite collapse in demand
Stocks near 8-year low ahead of summer travel season despite collapse in demand

Demand drops 3.4% in March due to soaring prices, supply shortages and collapse of Middle East air travel

Middle East war has triggered surge in crude prices that threatens global economy

International Energy Agency expects production to rise by 1.8mn barrels a day in 2025

Crude back below $90 after surging to nearly $120 on Monday

US and Israeli air strikes throw energy markets into turmoil

Plan underlines fears for the global economy from energy shock triggered by the Middle East war