Shipping traffic through the Strait of Hormuz is blocked. No diplomatic solution is in sight.
According to the IEA, the net loss of oil is approximately 13 million barrels per day since the US and Israel began a bombing campaign against Iran on February 28.
The price of crude oil (Brent) has risen to around $103 per barrel, up just over 40 percent compared with February prices. The price of natural gas on the Amsterdam Commodity Exchange has risen to just over €45 per megawatt-hour, up 50 percent since February.
The IEA warns of inflation and fuel shortages, which could force rationing decisions.
