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How US-Iran war, Strait of Hormuz closure disrupt global oil supply: 5 points
How US-Iran war, Strait of Hormuz closure and attacks on tankers disrupt global oil supply: Explained in 5 points
How US-Iran war, Strait of Hormuz closure and attacks on tankers disrupt global oil supply: Explained in 5 points
As crude prices climb, countries including the United States plan a large release of oil from strategic reserves in a bid to stabilise global markets.
Published on: Mar 12, 2026 4:57 PM IST By Shivya Kanojia Share via Copy link The ongoing conflict in the Middle East has significantly disrupted global oil supplies, prompting emergency measures from the International Energy Agency (IEA). In its latest monthly report, the agency said oil production in Gulf countries has been reduced by millions of barrels a day due to the conflict, while shipping through the crucial Strait of Hormuz has sharply declined. Storage tanks of the Petroleum Development Oman (PDO) oil refinery, amid the U.S.-Israeli conflict with Iran, in Muscat, Oman, March 12. (REUTERS) The disruption has pushed crude prices higher and led the agency and several countries, including the United States, to announce a large release of oil from strategic reserves to stabilise the market. Also read| After oil, Iran military vows to hit US banks in West Asia Here are five key points that explain what is happening and why it matters.1. War in the Middle East triggers oil supply disruption
The conflict in the Middle East has severely disrupted oil production and exports from the region. In its latest monthly report, the International Energy Agency said the war is creating the biggest oil supply shock ever recorded in global markets. Middle Eastern Gulf producers have already reduced output by at least 10 million barrels per day, which is nearly 10% of global oil demand, news agency Reuters reported. If shipping flows do not resume quickly, the agency warned that these losses could increase further.2. Strait of Hormuz crisis chokes global oil flows
A major reason behind the disruption is the near closure of the Strait of Hormuz, one of the world’s most crucial energy routes. Also read| Surging oil prices amid US-Iran war could impact India's vulnerable economy: Report Around 20 million barrels of crude and oil products passed through this waterway last year. However, tanker movements have plunged by more than 90% since the war escalated after attacks by the United States and Israel on Iran, Bloomberg reported. Because of the disruption, Gulf producers including Saudi Arabia, Kuwait, and Iraq have been forced to cut oil output.3. Oil prices spike as markets react to disruption
Energy markets have reacted sharply to the disruption. Global benchmark Brent crude briefly surged above $100 per barrel, rising as much as 10% to $101.59 during trading, Bloomberg reported. Meanwhile, West Texas Intermediate climbed close to $96 per barrel before prices eased slightly. Earlier in the week, both crude benchmarks had surged toward $120 a barrel, reflecting extreme volatility in the market as supply risks intensified.4. Attacks on tankers and port disruptions
Shipping disruptions are compounding the supply shock. Two oil tankers were struck in Iraqi waters, forcing Iraq to halt operations at its oil terminals temporarily. At the same time, Oman evacuated ships from its export terminal at Mina Al Fahal as a precaution. The port is one of the few remaining routes through which Middle Eastern crude can reach global markets, though operations there have since resumed. The crisis has also affected trade in refined fuels. In China, refiners have started cancelling export cargoes of gasoline and diesel, and processors have been instructed to stop signing new export contracts.5. Countries release emergency oil reserves to stabilise markets
To calm global markets, the International Energy Agency announced a coordinated release of 400 million barrels of oil from emergency reserves — the largest such move ever. As part of this effort, the United States said it would release 172 million barrels from its Strategic Petroleum Reserve. However, officials said it could take around 120 days for the entire volume to reach markets. (With inputs from Reuters and Bloomberg) ABOUT THE AUTHOR Shivya Kanojia Shivya Kanojia is a journalist at Hindustan Times, where she works in the fast-paced digital news ecosystem with a strong sense of editorial judgement and a clear understanding of what makes a story both important and traffic-driven. An alumna of the Indian Institute of Mass Communication (IIMC), Shivya brings a thoughtful balance of news value and audience relevance to her work, ensuring stories resonate beyond the immediate headline. Over the course of her three-year journey in the digital news space, Shivya has worked across a wide range of beats, including politics, civic issues, human-interest features and trending news. This diverse exposure has shaped her ability to approach stories with nuance, adaptability and context, whether she is breaking down complex developments or spotlighting everyday narratives that often go unnoticed. She is particularly drawn to human-interest stories, interviews and explainers that offer depth and clarity, aiming to move past surface-level reporting to explore the people, emotions and circumstances behind the news. Prior to joining Hindustan Times, Shivya worked with Firstpost and Times Now, where she covered a broad spectrum of topics and honed her skills in digital journalism . Outside the newsroom, Shivya enjoys discovering new cafés, drawn to good coffee, cosy spaces and unhurried conversations. Shopping is another pastime she cherishes, not always out of necessity, but often guided by instinct and the simple joy of stumbling upon unexpected finds. Above all, she treasures time spent with loved ones, finding meaning in shared laughter, simple moments and memories that linger long after.Read More Strait Of Hormuz Iran Soil Get the latest headlines from US news and global updates from Pakistan, Nepal, UK, Bangladesh, Russia, and get all the latest headlines in one place on Hindustan Times. News / World News / How US-Iran War, Strait Of Hormuz Closure And Attacks On Tankers Disrupt Global Oil Supply: Explained In 5 Points See LessThe ongoing conflict in the Middle East has significantly disrupted global oil supplies, prompting emergency measures from the International Energy Agency (IEA). In its latest monthly report, the agency said oil production in Gulf countries has been reduced by millions of barrels a day due to the conflict, while shipping through the crucial Strait of Hormuz has sharply declined.
The disruption has pushed crude prices higher and led the agency and several countries, including the United States, to announce a large release of oil from strategic reserves to stabilise the market.
Also read| After oil, Iran military vows to hit US banks in West Asia
Here are five key points that explain what is happening and why it matters.
Middle Eastern Gulf producers have already reduced output by at least 10 million barrels per day, which is nearly 10% of global oil demand, news agency Reuters reported. If shipping flows do not resume quickly, the agency warned that these losses could increase further.
Also read| Surging oil prices amid US-Iran war could impact India's vulnerable economy: Report
Around 20 million barrels of crude and oil products passed through this waterway last year. However, tanker movements have plunged by more than 90% since the war escalated after attacks by the United States and Israel on Iran, Bloomberg reported.
Because of the disruption, Gulf producers including Saudi Arabia, Kuwait, and Iraq have been forced to cut oil output.
Meanwhile, West Texas Intermediate climbed close to $96 per barrel before prices eased slightly.
Earlier in the week, both crude benchmarks had surged toward $120 a barrel, reflecting extreme volatility in the market as supply risks intensified.
At the same time, Oman evacuated ships from its export terminal at Mina Al Fahal as a precaution. The port is one of the few remaining routes through which Middle Eastern crude can reach global markets, though operations there have since resumed.
The crisis has also affected trade in refined fuels. In China, refiners have started cancelling export cargoes of gasoline and diesel, and processors have been instructed to stop signing new export contracts.
As part of this effort, the United States said it would release 172 million barrels from its Strategic Petroleum Reserve. However, officials said it could take around 120 days for the entire volume to reach markets.
(With inputs from Reuters and Bloomberg)
Source: HindustanTimes
Related Posts: Middle East conflict,global oil supplies,International Energy Agency,crude prices,Strait of Hormuz
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