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Historic Oil Shock: IEA Warns of Record Supply Disruption Amid Middle East Conflict

The International Energy Agency (IEA) has issued a stark warning that the ongoing Middle East war has triggered the largest oil supply disruption in history. According to the agency’s latest assessments, global oil supply is expected to plunge by 8 million barrels per day in March , driven largely by the blockade of the Strait of Hormuz , a critical transit route for Gulf exports.  The conflict has forced major Gulf producers to cut output by at least 10 million barrels per day , representing nearly 10% of global demand . This unprecedented supply shock has prompted the IEA and its member nations to coordinate a record release of strategic oil reserves , aiming to stabilize markets and curb soaring prices.  Analysts warn that without a rapid restoration of shipping flows, the disruption could deepen, prolonging volatility in global energy markets. The IEA’s revised outlook sharply contrasts with earlier expectations of a supply surplus, underscoring the scale and speed at w...
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Tech Stocks Wobble as Micron’s Forecast Disappoints: Market Update

 

US stock futures retreated on Thursday after chipmaker Micron’s outlook put a dent in tech-rally hopes. Investors are closely watching fresh economic data ahead of an inflation reading key to Federal Reserve policy. Here are the key points:

  • Micron’s Impact: Micron’s sales forecast for the current quarter met expectations but failed to satisfy investors looking for stellar outperformance from AI-linked companies. As a result, Micron’s shares slid almost 6% in pre-market trading.

  • Tech Stocks: The bullishness around AI has helped lift the benchmark S&P 500 to a 15% gain this year. However, concerns are growing that the rally could be at risk if the handful of tech companies driving most of those gains stop topping already lofty expectations. Nvidia was down 1.6%, reviving worries of a return to the sell-off that rattled markets last week, as other AI chip stocks came under pressure.

  • Economic Data: Focus is also on updates on GDP and weekly jobless claims due before the market open. Additionally, the PCE inflation print on Friday will influence the Fed’s thinking on timing of interest-rate cuts.

  • Corporate Front: Levi Strauss shares sank over 15% in the wake of a second-quarter revenue miss for the jeans seller. Investors will look to Nike’s quarterly results after the bell for more clues to consumer resilience.

Remember to stay informed and keep an eye on market developments! 

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