The forty day conflict between Iran and the United States has temporarily slowed down. Meanwhile US President Donald Trump announced a two week ceasefire. However reports of attacks have not completely stopped. Moreover the conflict disrupted oil supply across the Middle East. Iran gained control over the Hormuz route which impacted global oil trade.
Fuel Prices Rise Worldwide
Over the last six weeks petrol prices increased in more than one hundred countries. Consequently several nations declared energy emergencies due to supply disruptions. The main reason remained blocked oil movement from Middle East through Hormuz. Therefore global markets faced serious pressure during this period.
Sharp Drop in Oil Exports
Data from analytics firm Kpler revealed major changes in oil exports. Total exports from six countries dropped significantly between February and March. Exports fell from 469 million barrels to 263 million barrels. This shows a sharp decline of forty four percent overall.
Iraq Faces Biggest Loss
Among all countries Iraq suffered the largest export decline. Iraq exported ninety four million barrels in February. However exports dropped to only seventeen million barrels in March. Compared with Kuwait Oman Qatar Saudi Arabia and UAE Iraq faced maximum damage.
Other Countries Also Hit Hard
Meanwhile Kuwait exports declined from thirty five million barrels to nine million barrels. Qatar exports reduced from nineteen million barrels to six million barrels. Saudi Arabia exports dropped from 202 million barrels to 133 million barrels. UAE exports also fell from ninety four million barrels to sixty nine million barrels.
Oman Stands Out With Gains
However Oman remained the only country showing growth during this period. Oman exports increased from twenty five million barrels to twenty eight million barrels. This reflects a rise of four percent despite regional disruptions.
Massive Loss in Oil Volume
Since the conflict began the Gulf region lost 206 million barrels of oil. This volume equals around 103 Very Large Crude Oil Carriers. These tankers represent a major part of global energy transport systems. VLCC ships can carry nearly two million barrels of crude oil. Only Ultra Large Crude Carriers can transport more with three million barrels capacity.
