The Middle East conflict and the closure of Strait of Hormuz led to the biggest oil supply shock and disruption in recent times. Global oil supply fell by 13.6 million barrels per day, which is around 13% of the 2025 global output according to the latest report by Asian Development Bank.

Oil prices surged beyond the $85-a-barrel mark on Wednesday as the Middle East once again got embroiled in conflict. Energy supply concerns intensified after the United States…

Oil prices surge amid US-Iran tensions. Crude oil reaches a new all-time high by December 31 at 12.5% YES.