IEA Warns of Deepening Oil Supply Crisis in April Amid Iran War

The International Energy Agency (IEA) has issued a stark warning that the oil supply crunch will worsen in April as the U.S.-Iran war intensifies, with the conflict creating what the agency's director calls the worst oil crisis in history. The IEA is considering further releases of strategic oil reserves to mitigate the impact.

• The IEA warns that the oil supply crisis will worsen in April, with the U.S.-Iran war creating the worst oil crisis in history.
• The loss of oil in April is expected to be twice that of March, driven by the blockade of the Strait of Hormuz.
• The IEA is considering additional releases of strategic oil reserves to address the growing shortfall.
• The current crisis surpasses previous oil shocks, with a daily loss of 12 million barrels of oil, more than the combined losses of the 1973 and 1979 crises and the 2022 Russian invasion of Ukraine.
• Brent crude oil prices surged over 60% in March, the largest monthly gain since records began in the 1980s.
• The IEA has already coordinated a release of 400 million barrels from emergency stockpiles among its 32 member countries to offset some of the supply disruption.