Global oil market faces largest supply disruption in history amid Middle East conflict: IEA
According to the latest Oil Market Report released by the IEA, crude and oil product flows through the Strait of Hormuz -- one of the world's most critical oil transit chokepoints -- have plunged from around 20 million barrels per day (mb/d) before the war to only a small fractio..
✨ Key Highlights
The International Energy Agency (IEA) reports the global oil market is experiencing its largest supply disruption ever due to the escalating Middle East conflict.
- Estimated 8 mb/d drop in global oil supply for March.
- Key organization: International Energy Agency (IEA).
- IEA member countries agreed to release an unprecedented 400 million barrels from emergency reserves.
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US Eases Russia Oil Sanctions as Iran War Disrupts Global Supply - March 2026
The US has temporarily eased sanctions on Russian oil for vessels already at sea, aiming to stabilize global energy markets amid the ongoing conflict with Iran. This measure responds to escalating tensions in the Gulf and disruptions to vital shipping routes. The International Energy Agency reports the global oil market is experiencing its largest supply disruption in history due to the escalating Middle East conflict. Meanwhile, Kenya's agricultural exports, particularly meat, face significant disruption from the ongoing Middle East conflict, potentially costing the country up to Sh1.2 billion monthly.
