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IEA Warns West Asia Conflict Threatens Unprecedented Global Crude Supply Shortage
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IEA Warns: West Asia War Triggers Largest-Ever Crude Supply Crisis, Global Markets Brace for Impact
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CNBC Awaaz
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12-03-2026, 14:55
IEA Warns: West Asia War Triggers Largest-Ever Crude Supply Crisis, Global Markets Brace for Impact
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IEA warns West Asia war is causing the largest-ever crude oil supply disruption.
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Global oil supply estimated to decrease by 8 million barrels per day in March.
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Crucial shipping route, the Strait of Hormuz, closed since February 28 after US-Israel airstrikes on Iran.
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Gulf countries collectively cut oil production by 10 million barrels per day, impacting 10% of global demand.
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Crisis could lead to sharp oil price hikes, posing challenges for import-dependent nations like India.
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