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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose and Callum Jones

Middle East war creating ‘largest supply disruption in the history of oil markets’

Oil IEA Middle East Donald Trump Iran Mojtaba Khamenei United States
Clouds of smoke rise from a tanker leaning to one side in open water
An oil tanker that caught fire after an attack in Iraq’s territorial waters on Wednesday. Photograph: Mohammed Aty/Reuters

Oil markets are facing the “largest supply disruption in history” as the war in Iran continues to block tankers from shipping millions of barrels of crude each day, the world energy watchdog has warned.

The International Energy Agency (IEA) said the supply shock ignited by Iran’s effective blockade of the strait of Hormuz meant the world faced a deeper crisis than after the Yom Kippur war of 1973 and the 2022 outbreak of war in Ukraine.

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