Against the backdrop of the conflict in the Middle East and the virtual stoppage of maritime traffic in the Strait of Hormuz, the International Energy Agency (IEA) issued ten recommendations on Friday 20 March to guard against what it described as “the largest supply disruption in the history of the global oil market”.
Before the US-Israeli attack on 28 February, some 15 million barrels of crude oil and 5 million barrels of petroleum products passed through the Straits every day,...