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Oil Market Sees Its Worst Disruption Ever as Iran War Threatens Supply
The Strait of Hormuz closure has cut over 90% of oil flows, removing nearly 8 million barrels daily and prompting the largest emergency reserve release ever by IEA members.
- A new report from the International Energy Agency stated Thursday that the Middle East conflict caused the "largest supply disruption in the history of the global oil market," the agency described as "the biggest supply crunch ever by a country mile."
- Iran's forces have blocked the Strait of Hormuz, forcing Gulf producers to slash output by about 10 million barrels and moving flows at less than 10 percent of pre-crisis levels.
- Despite an agreement by 32 IEA member countries on Wednesday to unlock 400 million barrels of reserves, Brent crude surged briefly above $100 per barrel Thursday.
- Rising oil prices threaten a long-lasting inflation shock, as analysts note airlines increase fares and fuel surcharges, despite the IEA's record release of emergency reserves on Wednesday.
- Despite a "productive meeting" in Florida, the IEA warns it will take weeks or months for oil production and tanker flows to recover.
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The war in Iran has caused the biggest oil supply disruption in history, energy watchdog says, and a swift end to the conflict might not change that
The Middle East's energy infrastructure was not designed for this type of crisis, and the damage might long outlast the war.
·New York, United States
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IEA calls Middle East oil shock "the largest supply disruption in the history of the global oil market.”"
The war in the Middle East is triggering what the International Energy Agency called "the largest supply disruption in the history of the global oil market” in its latest monthly oil report.
·Berlin, Germany
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Coverage Details
Total News Sources23
Leaning Left3Leaning Right4Center12Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 16%
C 63%
R 21%
Factuality
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