1 day ago
Last Updated:March 08, 2026, 19:33 IST
The United Arab Emirates, Kuwait, and Iraq have already begun reducing production as available tanker storage fills and vessels avoid the Strait of Hormuz.
Women members of Iran's Red Crescent society walk near smoke plumes from an ongoing fire following an overnight airstrike on the Shahran oil refinery in northwestern Tehran. (AFP photo)
The oil market is facing escalating turmoil as Gulf producers cut output and the Strait of Hormuz remains blocked amid the ongoing US-Israeli war on Iran, according to a report by Bloomberg.
The blockade of this critical shipping lane, through which a fifth of the world’s crude and liquefied natural gas typically flows, has sent prices soaring and raised fears of extended disruption to global energy supplies.
The United Arab Emirates, Kuwait, and Iraq have already begun reducing production as available tanker storage fills and vessels avoid the narrow waterway.
Other Gulf producers may follow suit if the blockage continues, further constricting supply. Saudi Arabia has partially bypassed Hormuz by diverting crude shipments to its Red Sea coast, but roughly a third of the region’s production is still dependent on the Strait.
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First Published:
March 08, 2026, 19:33 IST
News world Gulf Giants Cut Output, Hormuz Blocked: West Asia War Pushes Oil Market Into Deeper Turmoil
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