Iran War Sends Oil Prices Soaring Amid Strait of Hormuz Disruptions

The ongoing Iran war has sent shockwaves through global oil and gas markets, causing prices to surge. The Strait of Hormuz, a critical waterway for seaborne oil trade, has seen tanker traffic plummet to near-halt due to Iranian retaliation.

Oil producers in the region, including Saudi Arabia, are reducing output as storage facilities fill up. Traders have been rattled by the disruption to exports and energy infrastructure across the Persian Gulf.

The International Energy Agency (IEA) has warned of 'the largest supply disruption in the history of the global oil market.'

Members of the IEA have agreed to release over 400 million barrels of crude and oil products from their emergency reserves, but these will only partially cover the lost Gulf supply.