Paris, May 13 -- The global energy landscape is facing a seismic shift as "rapidly shrinking buffers amid continued disruptions may herald future price spikes ahead," the International Energy Agency (IEA) cautioned on Wednesday.

With the strategic Strait of Hormuz effectively choked for over 10 weeks, the Paris-based watchdog warned that world oil inventories are being exhausted at an "unprecedented" and "record" pace.

The crisis stems from the prolonged closure of the world's most vital maritime artery, which has crippled the movement of Gulf crude and gas. According to the IEA, the persistent instability could cause global oil supply to "fall by 3.9 million barrels per day (bpd) through 2026."

Although a "deteriorating economic envir...