The International Energy Agency (IEA) has released a report highlighting the largest disruption to global oil supplies in history, primarily due to the conflict involving Iran. Oil shipments through the Strait of Hormuz have plummeted from 20 million barrels per day in February to just 3.8 million in early April. This drastic reduction has caused North Sea Dated crude prices to soar to $130 per barrel, while futures prices for Brent crude and West Texas Intermediate (WTI) hover around $96–$98 per barrel. The IEA now expects global oil demand to contract by 80,000 barrels per day throughout 2026, a significant shift from earlier growth predictions. The ongoing conflict has severely impacted OPEC+ production, with total output falling by 9.4 million barrels per day in March. Saudi Arabia's supply decreased from 10.4 million to 7.25 million barrels per day, while Iraq's production dropped from 4.57 million to 1.57 million. The IEA warns that without a permanent resolution to the conflict, the energy markets may face even greater disruptions in the latter half of the year, indicating a potential prolonged crisis.