India, March 13 -- The International Energy Agency (IEA) released its monthly Oil Market Report on Thursday. The opening line of the report states the gravity of the current energy crisis in unequivocal terms: "The war in the Middle East is creating the largest supply disruption in the history of the global oil market."

Statements from the political leadership of Iran and US - the two countries which matter the most as far as ending the conflict is concerned - do not serve up any optimism on the current disruption. Bloomberg reported US President Donald Trump saying "stopping Iran is greater interest to me than the price of oil" and "US makes a lot of money when oil prices go up", while Iran's military spokesperson has threatened that pr...