The surge comes as major Middle Eastern producers begin cutting output while the Strait of Hormuz a key global oil transit route remains closed due to the Iran conflict.
Kuwait, OPEC’s fifth-largest producer, shared precautionary reductions to crude production and refinery operations, citing Iranian threats to shipping in the Strait.
Oil output in Iraq, OPEC’s second-largest producer, has also been hit hard.
Production from its three main southern oilfields has dropped about 70% to around 1.3 million barrels per day from roughly 4.3 million bpd before the conflict, according to CNBC.
Meanwhile, the United Arab Emirates said it is adjusting offshore production to manage storage constraints. Abu Dhabi National Oil Company (ADNOC) noted that while offshore output is being carefully managed, onshore operations continue as normal.
Summary of Foreign Investment in Pakistan