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NARA & DVIDS Public Domain Archive - GetArchive
Saudi Arabia is the world's biggest producer of oil, creating around 10 million barrels each day and sending out about 7 million barrels every day. The United Arab Emirates, Kuwait, and Iraq have earlier declared reductions in their oil production.
Iran has nearly fully blocked the Strait of Hormuz as a reaction to attacks on the country by Israel and the United States. Approximately 20% of the world's oil transportation passes through the strait.
Concerns about the ongoing disruption of oil supplies from the Middle East led to a significant increase in Brent crude prices on Monday, with the price climbing nearly 14% to reach $105.30 per barrel.
source: bloomberg.com
Iran has nearly fully blocked the Strait of Hormuz as a reaction to attacks on the country by Israel and the United States. Approximately 20% of the world's oil transportation passes through the strait.
Concerns about the ongoing disruption of oil supplies from the Middle East led to a significant increase in Brent crude prices on Monday, with the price climbing nearly 14% to reach $105.30 per barrel.
source: bloomberg.com
