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flag Oil prices near $200/bbl as Middle East exports plummet due to conflict disrupting Strait of Hormuz shipping.

flag Oil prices are nearing $200 per barrel amid a sharp decline in Middle East oil exports, dropping to around 7.5 million barrels daily from over 26 million in February, due to conflict and disruptions in the Strait of Hormuz. flag Israeli strikes on Iran’s South Pars gas field and Iranian attacks on energy infrastructure in Qatar, Saudi Arabia, and the UAE have nearly halted shipping through the vital chokepoint. flag Despite a 400 million barrel emergency stockpile release, a daily shortfall of about 10 million barrels persists. flag Analysts warn that sustained closure of the strait could push prices to $200, triggering inflation and economic slowdown, though some remain skeptical due to increased global production and alternative routes. flag The situation remains highly volatile, with prices dependent on the conflict’s duration.

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