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World faces largest-ever oil supply disruption on Middle East war, IEA says
LONDON: The war in the Middle East is creating the biggest oil supply disruption in history, the International Energy Agency said on Thursday, a day after the agency agreed to release a record volume of oil from strategic stockpiles. Global supply is expected to drop by 8 million barrels per day in March due to the blocking of the Strait of Hormuz, a narrow channel along the Iranian coast, since the US and Israel began a campaign of airstrikes on Iran on Feb. 28.
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cnbc.com
The U.S.-Iran war is the biggest oil supply disruption in history
The global oil market will need to balance by destroying demand through sharply rising oil prices, according to Rapidan Energy.
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IEA agrees to release record 400 million barrels of oil to address Iran war supply disruption
The move comes as the Iran war continues to choke off traffic through the strategically vital Strait of Hormuz.
