The war in the Middle East has triggered the largest ever supply disruption in the global oil market, the International Energy Agency declared Thursday. Before the conflict, 20 million barrels of oil daily passed through the Strait of Hormuz, the critical waterway off Iran's coast. That volume has plummeted to 'a trickle' as Iran intensifies attacks on energy infrastructure, forcing producers to slash output and close ports. The IEA's monthly report underscores the severity of the crisis, which has already driven Brent crude prices back above $100 a barrel, roughly $30 higher than February levels.

Gulf countries have curtailed production by at least 10 million barrels daily as storage fills up, while exports of refined products and liquefied petroleum gas have effectively halted. This supply shock is rippling globally, with countries like Pakistan closing schools and ordering government offices to operate four days a week to curb fuel demand. France's TotalEnergies capped gas and diesel prices, while the European Commission explores subsidies and gas price caps to shield consumers from soaring costs.

The IEA's coordinated release of 400 million barrels from member reserves marks the largest such action since Russia's Ukraine invasion, though it failed to immediately stabilize prices. Tankers in the Persian Gulf continue burning after attacks, and air travel cancellations are expected to reduce global oil demand by one million barrels daily through April. The disruption shows no sign of abating, signaling prolonged volatility for energy markets worldwide.