According to the IEA, the world is currently experiencing the largest disruption to oil supply in history

A day after agreeing to release a record amount of oil from its strategic reserves, the International Energy Agency (IEA) stated on Thursday. That the Middle East conflict is creating the largest disruption to oil supplies in the history of the world market.

According to the agency’s most recent monthly assessment on the oil market. The battle caused the Middle Eastern Gulf countries to cut their total oil production by at least 10 million barrels per day, or nearly 10% of the world’s demand.

Following the attack on three more ships in the Persian Gulf, a prohibited area. Iran’s military command declared on Wednesday that the world should be ready for oil to hit $200 per barrel.

For the time being, investors are hoping that President Donald Trump will find a speedy solution to terminate the battle he started with Israel over two weeks ago. Which caused oil prices, which had surged earlier this week, to decline and stock markets to rebound.

The Strait of Hormuz, where a fifth of the world’s oil was blocked due to a tiny path along the Iranian coast. Has caused the greatest interruption to energy supplies since the oil crises of the 1970s. However, there has not yet been a truce on land and no indication that ships can safely cross the Strait.