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The Independent UK
The Independent UK
National
Alisha Rahaman Sarkar and Alex Croft

Global oil supply under threat as Iran war sees stockpiles plummet

Oil Iran Donald Trump
  • The International Energy Agency has warned that global oil stockpiles are rapidly depleting amid the Iran war.
  • The global energy watchdog has urged a deal to reopen the Strait of Hormuz, saying that the “urgency” of such an agreement has increased.
  • Global oil supply is projected to fall by 4.3 million barrels per day in 2026 due to production losses in the Middle East and Russia.
  • Meanwhile, President Donald Trump claims that US forces maintain complete control over the Strait of Hormuz, threatening military action against any interference.
  • US forces fired missiles at a Panamanian-flagged vessel in the Gulf of Oman after accusing it of trying to breach a blockade on Iranian ports.

IN FULL

Iran-US war latest: Oil stockpiles ‘rapidly depleting’ despite Trump claiming ‘total control’ of Strait of Hormuz

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