US Iran War | Iran’s War On The Global Economy? | Strait Of Hormuz News | India Matters #NDTV

The defiance from Tehran came as fighting around the strategic Strait of Hormuz — the waterway carrying a fifth of the world’s oil — sent shock waves through energy markets, prompting emergency releases from global reserves and a limited draw on US stockpiles.

The war in the Middle East is creating the biggest oil supply disruption in history, the International Energy Agency said on Thursday, a day after it agreed to release a record volume from strategic stockpiles to offset shortages and a spike in prices.

Global supply is expected to drop by 8 million barrels per day in March, the IEA said in its latest monthly oil market report, due to the blocking of the Strait of Hormuz, a narrow channel along the Iranian coast, since the U.S. and Israel began a campaign of airstrikes on Iran on February 28.

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