The European and African oil market is showing more signs of tightness with some crude differentials hitting record highs as peak summer demand nears and Asia seeks supplies to fill shortages caused by Iran's blocking of the Strait of Hormuz, now into its fifth week. The Iran war has forced the shutdown of at least 10 million barrels per day of oil from the Middle East due to Iran's effective closure of the strait, and attacks on Iranian and other Middle East gulf nations' energy infrastructure. That production volume represents at least 10 per cent of daily global oil consumption. Asia has been most affected by oil and gas disruptions, as it is the world's largest oil-importing continent and relies on supplies from the Middle East. The Middle East Dubai oil benchmark hit an all-time high of $169.75 on March 23, breaking Brent futures' previous record of $147.50 set in 2008 to become the most expensive oil benchmark ever.

Source: The North Africa Journal March 30, 2026 19:50 UTC