Iran War Causes Biggest-Ever Oil Market Disruption, IEA Says

Fire on an oil tanker after it was hit in Iraqi waters, in an image released on March 12.Source: Iraqi Ports

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Grant Smith

March 12, 2026 at 9:00 AM UTC

Updated on

March 12, 2026 at 10:34 AM UTC

The Iran war is causing unprecedented turmoil in oil markets, hitting 7.5% of global supply and an even bigger swath of exports, the International Energy Agency said.

“The war in the Middle East is creating the largest supply disruption in the history of the global oil market,” the IEA said in its monthly report on Thursday. The previous day, its members agreed to release an unprecedented 400 million barrels from emergency reserves to counteract the chaos.