International Energy Agency reports Iran conflict caused the most severe oil supply shock in history

abcnews.com

The Iran war caused the most severe oil supply shock in history, according to the International Energy Agency. Oil prices saw their largest one-month gain ever in March due to the conflict, which closed the Strait of Hormuz, a vital shipping route. The IEA warned of "demand destruction" as high prices make oil unaffordable, impacting global energy security and the economy.


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International Energy Agency reports Iran conflict caused the most severe oil supply shock in history | News Minimalist