MOSCOW, March 12. /TASS/. The Middle East conflict has triggered the largest oil supply disruption in global history, the International Energy Agency (IEA) said.
Oil and refined product flows through the Strait of Hormuz have plummeted from roughly 20 million bpd to a trickle, while bypass options for this critical chokepoint remain limited as inventories swell, the IEA said in a report.
The agency notes that producers and consumers worldwide are already feeling the impact of the crisis. Since the start of the conflict, oil prices have surged by almost $20 to $92 a barrel, with refined product prices rising even faster.
The IEA also states that Gulf nations have slashed total oil production by at least 10 million barrels per day amid the ongoing conflict. Should maritime traffic fail to resume swiftly, supplies are expected to tighten further, the agency says.
Significant supply disruptions are seen in Iraq, Qatar, Kuwait, the UAE, and Saudi Arabia. Meanwhile, the closure of the Strait has forced export-oriented refineries to curb runs or shut down entirely: 3 million barrels per day of capacity is already offline, with over 4 million barrels per day remains at risk.
The IEA notes that the market disruption primarily impacts Asia, as well as Europe (specifically jet fuel) and Africa (gasoil). However, Saudi Arabia and the UAE are able to reroute a portion of their crude, partially offsetting the loss of supplies via the Strait of Hormuz.
In 2025, nearly 20 million barrels per day of oil and refined products flowed through the Strait of Hormuz. Since the start of the conflict, transit volumes have plunged to less than 10% of pre-crisis levels, the report stated.