Oil shock ‘worse than the 1970s’
The Iran war has triggered an even bigger oil shock than the Arab oil embargo of the 1970s, the International Energy Agency (IEA) said.
The Paris-based agency said the conflict in the Middle East had caused the “largest disruption to crude supplies in the history of the global oil market”.
The amount of oil carried by tankers through the Strait of Hormuz has plunged from around 20 million barrels per day (mb/d) to “a trickle”, it said.
By contrast, around four mb/d were removed from global markets by the Arab oil embargo during the Yom Kippur war of 1973.
