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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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