IEA Flags Oil Disruption

Benzinga

The IEA reported 40+ energy assets severely damaged across nine Middle Eastern countries since the Iran war began, with global LNG supply down ~20% since February 28. IEA chief Fatih Birol called the disruption equal to the 1970s oil crises and 2022 gas crisis combined — the largest supply shock in oil market history — urging reopening of the Strait of Hormuz as Asia faces the steepest impact.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02The International Energy Agency said at least 40 energy assets across nine Middle East countries

00:07have been severely damaged since the Iran war began, according to CNBC.

00:12Fadi Bayral said damage to oil and gas fields, refineries, and pipelines across the Middle

00:17East will take time to repair. His comments came as markets monitored escalating threats

00:22between the U.S. and Iran targeting energy facilities as the conflict entered its fourth

00:26week. The war has disrupted flows through the Strait of Hormuz, creating the largest supply

00:31disruption in global oil market history, while global LNG supply has dropped about 20% since

00:37February 28th. Bayral said the impact equals the 1970s oil crises and the 2022 gas crisis

00:44combined. He said reopening the strait is the most important solution and Notedasia faces

00:49the largest shock as the agency considers further oil releases.

00:53For all things money, visit Benzinga.com.

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