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Oil price tops $100 again as Iran strikes economic targets across Middle East
The International Energy Agency has warned that the war in Iran has cut the region’s oil and gas production by at least 10m barrels of oil a day, as it warns that the conflict is creating “the largest supply disruption in the history of the global oil market”.
The escalating regional conflict has damaged key oil and gas infrastructure and many producers have begun shutting down production as exports via the strait of Hormuz have come to a halt and local storage facilities fill up.
In a new report, the world’s energy watchdog warned that the sharp slump in Middle East production could lead to a global slump in oil production of 8m barrels a day this year even with increased oil production from countries including Russia.
