Every day of disruption compounds pressure on producers and consumers alike, creating bottlenecks for exporters in the Middle East and deepening shortages for buyers elsewhere. Oil prices on Monday initially jumped more than 10% to above US$82 a barrel, the highest in over a year, before easing back to around US$79. If this disruption lasts only a few days, the global oil market can likely absorb the blow. With production of 10 million bpd and exports of around seven million bpd, the remaining storage could fill within 10 days. That, in turn, would transform what markets are currently treating as a temporary shock into a far more durable challenge for the global oil system.

Source: The Star March 03, 2026 21:43 UTC