IEA: US-Israel-Iran war wiped ~250M barrels globally

The IEA reported that the US-Israeli war on Iran and disruptions in the Strait of Hormuz have caused approximately 250 million barrels of global oil inventories to decline. This represents one of the sharpest supply shocks in modern energy markets, with shrinking crude supplies outpacing global demand. The conflict has already stranded over 1 billion barrels of Middle Eastern oil, and global demand is expected to decrease by around 420,000 barrels per day this year due to higher prices and slower economic growth.