International Energy Agency: The war between Israel and Iran triggers the largest oil crisis in history

A report published by the International Energy Agency shows that the war between Israel and Iran has caused the largest disruption to global oil supply in history, after flows through the Strait of Hormuz have drastically decreased. According to the report, the route through which approximately 20% of the world's oil transits has been severely affected, and global deliveries could decrease by about 8 million barrels per day. To stabilize the market and reduce pressure on energy prices, the member states of the agency have decided to release 400 million barrels of oil from strategic reserves.