LONDON - Global oil supply will fall by 4.3 million barrels per day, or around 4%, this year, the International Energy Agency said on Wednesday, as renewed hostilities in the Middle East disrupt supplies and plunge the world deeper into an oil-market deficit.
The U.S.-Iran ceasefire broke down last month around a month after the parties signed a memorandum of understanding to end the war. Since then, tanker attacks in the Strait of Hormuz have resumed and the conflict spread as Yemen's Iran-aligned Houthi rebels launched attacks in the Red Sea.
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