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Commodities

Crude Prices Surge on Middle East Supply Disruptions

Guavy AI Editorial Team
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Oil
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The price of crude oil has surged on fears of supply disruptions in the Middle East. The US-Iran conflict and drone attacks on Saudi Arabia's infrastructure have contributed to these concerns.

Saudi Arabia shut down its key East-West pipeline, which carries 7 million bpd of crude, due to attacks by Houthi rebels. This disruption has limited crude gains despite tensions in the region.

The International Energy Agency (IEA) warns that high oil prices and restricted supply will cause a significant drop in global oil demand this year. The IEA estimates a 1.7 million bpd deficit, with a return to a surplus delayed until 2027.

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