IEA Warns of Historic Global Energy Security Crisis Amid Middle East War

The IEA warns that the Middle East war and the Strait of Hormuz closure have created the world’s largest energy-security threat in history, with about 13 million barrels per day of oil already lost and a 10.1 million bpd drop in global oil supply to 97 million bpd in March; even the 400 million barrel emergency stock release cannot offset the shortfall, and the cure would be reopening Hormuz, signaling persistent high prices and volatility even if normal conditions return.