# The International Energy Agency has warned that world oil supply is set to fall further than previously expected this year, as a result of the closure of the Strait of Hormuz. The vital waterway has effectively been closed by Iran since the US-Israeli war with Tehran began in late February. The IEA forecast that global oil supply will drop by 4.3-million barrels per day this year. This is larger than the 3.7-million barrels per day reduction forecast in the agency’s July report.
International Energy Agency warns global oil supply will drop by 4.3 million barrels per day