IEA: Iran War Triggers Historic Energy Crisis with Sustained Oil Supply Shortfall

The IEA's latest report warns that the Iran-related war and nearly eight-week Strait of Hormuz closure have created the largest energy security threat ever, slashing global oil supply by 10.1 million bpd to 97 million bpd in March and losing ~13 million bpd overall. Earlier statements from chief Fatih Birol highlighted this as surpassing 1973/1979 crises, prompting a 400 million-barrel emergency release as temporary relief, with more under consideration. Markets face higher oil prices, elevated volatility, inflation risks, and disruptions to fuels and petrochemicals even if routes reopen.