Oil market sees its worst disruption ever as Iran war threatens supply
Newsy
The war in the Middle East is now causing the "largest supply disruption in the history of the global oil market," according to the International Energy Agency.
The war in the Middle East is now causing the "largest supply disruption in the history of the global oil market."
That’s according to a new report out Thursday from the International Energy Agency.
“What we have today is the biggest supply crunch ever by a country mile,” said Neil Atkinson, former head of the Oil Markets Division at the International Energy Agency.
The heart of the problem is the “near standstill” in the Strait of Hormuz, where about 20% of the world’s oil supply normally passes through daily.
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The war in the Middle East is now causing the "largest supply disruption in the history of the global oil market," according to the International Energy Agency.
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