The International Energy Agency (IEA) announced in its latest monthly oil report on Thursday that the ongoing conflict in the Middle East has created “the largest supply disruption in the history of the global oil market.” The agency now expects the oil supply growth in 2026 to reach an average of 1.1 million barrels per day (bpd), with global oil supply falling by eight million barrels per https://youtu.be/JdgJkdNWhNYday in March. The report noted that the crude and oil product flows through the Strait of Hormuz sank from around 20 million bpd before the conflict to “a trickle” currently, with the Gulf countries reducing their total oil output by at least 10 million bpd.
Two oil tankers catch fire after strike off Iraq coast
Two oil tankers caught fire after an attack in Iraq’s territorial waters. Flames spread across both vessels in the Persian Gulf as Iraqi authorities launched an emergency response, according to local media. Iranian media outlet Sabereen News said the vessels were burning about 22 miles (~35 kilometers) from Al-Faw Port, Iraq’s southernmost terminal. One tanker may be linked to the United States, while the other flew an Australian flag, Iraq’s Shafaq News reported, citing a source in Arab Republic security forces. That report also said preliminary information suggested Iran carried out the strike. It added that 25 crew members were evacuated from the scene.