The International Energy Agency (IEA) has reported that the ongoing war in the Middle East has triggered an unprecedented disruption in the global oil supply. In its latest market report released on March 12, 2026, the agency described the situation as the largest supply interruption in the history of the world oil market. According to IEA data, global crude oil production has fallen by at least 8 million barrels per day, while an additional 2 million barrels of petroleum products are no longer being supplied. The decline is mainly attributed to pressure from Iran on regional supply systems, forcing Gulf producers to cut output.

The crisis has been further aggravated by the near-closure of the Strait of Hormuz, a vital maritime route that typically carries about one-fifth of the world’s crude oil. Iranian attacks and growing security threats have reduced oil transport through the strait to less than 10 percent of pre-crisis levels. The IEA warned that there are no clear signs of a ceasefire or restoration of normal oil flows through the strait.

The agency’s warning underscores the scale of the disruption and the uncertainty surrounding the timeline for recovery in global oil supply.