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Oil Prices Soar 29% as Iran Conflict Threatens Middle East Supply

OilPrice · Josh Owens · last updated
1m ago 10:15pm CST Supply Disruptions Deepen as Iraq, Kuwait and the UAE Cut Production Oil supply disruptions across the Persian Gulf are deepening as the conflict around Iran continues to disrupt tanker traffic through the Strait of Hormuz. With most commercial vessels avoiding the waterway, major Gulf producers are now being forced to cut output as onshore storage rapidly fills. Iraq has been hit the hardest so far. Production has fallen by roughly 60%, dropping from about 4.3 million barrels per day before the conflict to around 1.7–1.8…
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