IEA Sounds Alarm on Plunging Oil Stockpiles Amid Iran Conflict

Global Oil Stockpiles Plummet Amid Iran War Tensions

The International Energy Agency (IEA) has issued a warning about rapidly depleting global oil stockpiles due to the ongoing conflict in Iran. The agency urged for a deal to reopen the Strait of Hormuz, stating that the 'urgency' of such an agreement has increased.

According to the IEA, global oil supply is projected to fall by 4.3 million barrels per day in 2026 due to production losses in the Middle East and Russia. Meanwhile, President Donald Trump claims that US forces maintain complete control over the Strait of Hormuz, threatening military action against any interference.

US forces fired missiles at a Panamanian-flagged vessel in the Gulf of Oman after accusing it of trying to breach a blockade on Iranian ports.