Oil Supply Gap Widens as Middle East Conflict Disrupts Flows

The International Energy Agency (IEA) has warned that the global oil supply gap will widen in 2026, with a decline of 5.7 million barrels per day, or about 6 percent, expected.

This is up from a previous forecast of a 4 percent drop and comes as conflict in the Middle East continues to disrupt oil flows.

The IEA's report also notes that attacks on oil tankers have sent crude prices towards $110 a barrel for the first time since May, with refined products such as diesel reaching record highs.

Saudi Arabian crude supply fell by 2.3 million bpd to 6 million bpd in August, the lowest level in more than three decades, due to attacks on energy facilities and shipping routes.