The International Energy Agency (IEA) said the flow of oil through the Strait of Hormuz has reduced to “a trickle” and slashed its energy production forecasts. On Wednesday, the 32-nation alliance agreed to release a record 400 million barrels of reserves to help curb a potential supply shortage. In its fresh update, the organisation said in its latest energy market report that global oil supply is projected to “plunge by eight million barrels a day” in March. But oil and markets remained under pressure after three more cargo vessels were hit in the Gulf as Iran stepped up its threats to disrupt oil supply and shipments. “Emergency measures to ease oil supply disruptions may be sending a hidden negative signal to markets that world leaders see little room for quick de-escalation.”

Source: The Times March 12, 2026 12:11 UTC