The World’s Biggest Oil Supply Shock Is Now Unfolding

The International Energy Agency (IEA) has warned that the current energy crisis triggered by the war in the Middle East marks the “largest disruption” in the history of the oil market. The group made a record intervention in the market on Wednesday, with the release of 400m barrels from the strategic reserves. But the move has made little difference to the surging price of Brent crude – the international benchmark for oil – which once again eclipsed the $100 mark on Thursday on the news two Iraqi tankers had been struck…