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Oil shortage hits 1.8M barrels
The International Energy Agency report warns of an escalating global oil crisis due to the continued closure of the Strait of Hormuz and rising military tensions, which led to a decrease in demand for oil by 1.6 million barrels per day in 2026 and a decline in global inventories by approximately 410 million barrels since the start of the war. Oil prices have been fluctuating and reached their highest levels in two months after the failure of a ceasefire agreement between Iran and the United States. The agency also predicted a reduction in oil supplies by 4.3 million barrels per day in 2026, due to declining refining operations and lowered demand and import forecasts. This increases the likelihood of a persistent market deficit and underscores the need to activate maritime routes to prevent stock depletion.
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