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IEA advises governments on how to help citizens cope with Middle East oil shock

Mark Moran
20 March 2026

 

The conflict in the Middle East has created the largest supply disruption in the history of the global oil market, due to the near halt in shipping traffic through the Strait of Hormuz. 

The loss of supply is having significant impacts in global markets, pushing up prices for crude oil above $100 per barrel, and is leading to much higher prices for some refined products – notably diesel, jet fuel and liquefied petroleum gas (LPG). 

Concerns are growing about the impacts of...

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