Israel Iran War · 12 March 2026

Middle East War Triggers World's Biggest Oil Supply Drop

Global oil supply is predicted to drop by 8 million barrels each day in March because of the Middle East war. The International Energy Agency stated this on Thursday, describing it as the biggest historical supply problem in the market. Shipping flows through the Strait of Hormuz, usually about 20 million barrels daily, have greatly decreased.

By BriefTea Editorial · 12 March 2026 at 16:48

Reported by OilPrice.com · How we write briefs

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