India, March 25 -- The International Energy Agency set out a range of demand-side actions that governments, businesses, and households can take to alleviate the economic impacts on consumers of the disruptions to oil markets stemming from the war in the Middle East. The conflict has triggered the largest supply disruption in the history of the global oil market, with shipping through the Strait of Hormuz reduced to a trickle.

Around 20 million barrels per day of crude oil and oil products typically transit the Strait, which normally carries about 20% of global oil consumption. Due to the severe market tightening caused by the loss of these flows, crude oil prices have risen past $100 per barrel, and refined products like diesel, jet fuel...