The International Energy Agency has warned that the global oil supply crisis will worsen sharply in April as the Iran conflict continues to disrupt energy flows.
According to the IEA, oil losses next month could double March levels due to the near shutdown of the Strait of Hormuz, a key global shipping route.
IEA chief Fatih Birol said the crisis already exceeds previous shocks, including those in the 1970s and after the Ukraine war, with around 12 million barrels per day affected.
Oil supply crunch will worsen in April, IEA warns as it weighs releasing more strategic reserves https://t.co/nFBe28bJl4
— CNBC (@CNBC) April 1, 2026
The report said disruptions are also hitting gas, petrochemicals, and fertilizers, raising concerns about inflation and economic slowdown.
Birol warned that energy shortages could lead to rationing in some countries, particularly in emerging markets.
The agency is considering releasing more strategic reserves after already deploying a record volume earlier this month. However, officials stressed that only reopening the Strait of Hormuz can fully stabilize markets, as prices continue to surge globally.
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TIPP Staff
