Oil Supply at Risk as Iran War Depletes Global Stockpiles
The ongoing Iran war is causing a significant threat to global oil supply as stockpiles rapidly deplete. The International Energy Agency (IEA) has warned that the urgency of reopening the Strait of Hormuz, through which one-fifth of the world's oil exports pass, 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. This decline is attributed to disruptions caused by the Iran war, which has led to a sharp drop in oil stockpiles.
US President Donald Trump claims that US forces maintain complete control over the Strait of Hormuz, stating that they will take military action against any interference. However, this assertion has been disputed as the situation remains fluid and volatile.