Middle East Tensions Spark Worsening Oil Shortfall

The International Energy Agency (IEA) has warned that global oil inventories will plummet this quarter at an alarming rate, exceeding previous estimates.

According to the IEA's monthly report, markets are facing a shortfall of 1.8 million barrels per day due to renewed hostilities and maritime disruptions in the Middle East.

The IEA attributed this development to a production recovery that has been undermined by ongoing tensions in the region.