IEA Warns of Largest Oil Supply Disruption in History

The Middle East war is creating the biggest supply disruption in the history of the oil market as flows of about 20 million barrels per day of crude and products through the Strait of Hormuz have crashed to a trickle, the International Energy Agency said on Thursday. With limited capacity available to bypass the crucial waterway and storage filling up, Gulf countries have slashed their combined oil production by at least 10 million bpd, the IEA said in its monthly Oil Market Report. “In the absence of a rapid resumption…