According to the International Energy Agency (IEA), the world is facing its largest oil supply disruption ever due to the Middle East conflict.

Crude oil recorded its second consecutive session of decline, following news that the International Energy Agency (IEA) proposed member countries release a record amount of oil from strategic reserves.

According to energy consulting firm Rapidan Energy, the Middle East conflict has stranded a large volume of global oil in the Strait of Hormuz, pushing the world into a record supply disruption.

Retail gas prices in many areas have risen quickly since early March as imported liquefied petroleum gas (LPG) supplies face disruptions.

The government has established an energy security task force to respond to the complex developments of the military conflict in the Middle East.

An incident at a liquefied natural gas production facility and armed tensions in the Middle East have disrupted imported LPG supplies, forcing PVGas Trading to reduce delivery schedules.

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