The International Energy Agency warns of a historic global oil supply crisis as conflict in West Asia and the closure of the Strait of Hormuz disrupt production. Cumulative supply losses from Gulf producers now exceed 1 billion barrels.

The International Energy Agency reports that global oil supply will fall short of demand this year, citing a supply crisis caused by the ongoing conflict in West Asia and the closure of the Strait of Hormuz. The agency estimates cumulative supply losses from Middle East Gulf producers have exceeded 1 billion barrels.