Strait of Hormuz closure cuts around 100 million barrels weekly
NewsBytes | May 12, 2026 1:39 AM CST
Middle East conflict deepens supply crunch
The ongoing Middle East conflict is behind the chaos and has led to one of the biggest supply crunches ever.
Talks between the US and Iran haven't fixed things yet, so shortages could get worse in May and June.
Nasser also pointed out that we might not see things balance out into next year if the blockade drags on, meaning high prices could stick around for a while.
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