The IEA has warned that the ongoing war in the Middle East and the prolonged closure of the Strait of Hormuz have created the largest energy security threat ever recorded. The agency estimates that the disruption has cost the global market 13 million barrels per day in lost supply. The Strait of Hormuz, a critical chokepoint for global oil traffic, has been shut for nearly eight consecutive weeks, slashing crude supply to refiners and disrupting exports of fuels and feedstocks for petrochemical and fertilizer production. In March, global oil supply fell to 97 million barrels per day, a decline of 10.1 million barrels per day, according to the IEA's monthly report. To mitigate the shortfall, the IEA coordinated a record emergency release of 400 million barrels of oil stocks last month, a measure that only partially offsets the loss. Fatih Birol, the IEA's executive director, told CNBC that the world is facing the biggest energy security threat in history. He noted that as of today, 13 million barrels per day of oil have been lost and there are major disruptions in vital commodities. Birol also stated on the 'In Good Company' podcast that the emergency release is only helping to reduce the pain and will not be a cure, adding that the cure is opening up the Strait of Hormuz. The IEA cautions that even if the Strait reopens, high prices and market volatility will likely persist for an extended period, reshaping the global energy map and reducing reliance on a single chokepoint.