The ongoing conflict in the Middle East has caused the largest disruption to global oil supply ever recorded, the International Energy Agency, IEA, has warned, raising concerns that the crisis is already reshaping energy markets worldwide.
In its latest assessment, the Paris-based energy watchdog said the war involving Iran and other regional actors has sharply reduced crude production and export flows across the Gulf, sending shockwaves through international oil markets.
According to the report, global crude supply has already declined by about 8 million barrels per day, while an additional 2 million barrels per day in refined petroleum products and condensates has also been taken off the market.
The IEA attributed a significant part of the disruption to the slowdown in shipments through the **Strait of Hormuz**, one of the world’s most critical oil transit routes, which normally carries a substantial portion of global oil trade.
“The Middle East war is creating the largest supply disruption in the history of the global oil market,” the agency said, underscoring the magnitude of the current crisis.
To cushion the impact and stabilise supply, the IEA said its 32 member countries had agreed to release 400 million barrels of crude oil from strategic reserves, marking the largest coordinated emergency release ever undertaken.
However, the agency cautioned that the intervention may provide only temporary relief if hostilities continue. It warned that prolonged tensions in the Gulf region could further tighten global oil supplies and drive prices higher in the coming months.
