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Oil poised for further gains as Middle East conflict threatens export facilities
Global oil supply may drop by 8 million barrels per day as Middle Eastern producers cut output and the International Energy Agency releases 400 million barrels to stabilize markets.
- The United States attacked Iran's Kharg Island oil export hub, prompting Iran to threaten retaliation and halt shipping through the Strait of Hormuz.
- Oil prices surged more than 40% to their highest levels since 2022 as the conflict disrupted a fifth of global oil supply.
- The Trump administration rebuffed diplomatic efforts by Middle Eastern allies while Iran rejected ceasefire talks, dimming hopes of a quick resolution.
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17 Articles
17 Articles
Oil poised for further gains as Middle East conflict threatens export facilities
The global oil supply is expected to fall by 8 million barrels per day in March while Middle Eastern producers have cut output by at least 10 million barrels per day, according to the International Energy Agency.
·United Kingdom
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Coverage Details
Total News Sources17
Leaning Left1Leaning Right5Center6Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
C 50%
R 42%
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