ADNOC CEO says the world is 1bln barrels short due to the Strait of Hormuz closure
Newsquawk Staff ·
ADNOC CEO says the world is 1bln barrels short due to the Strait of Hormuz closure.
What it means
The ADNOC CEO's statement about a 1 billion barrel shortfall due to the Strait of Hormuz closure highlights significant supply-side risk in the oil market. This closure could lead to heightened prices and volatility as it signals potential long-term disruptions in major oil supply routes. Traders should watch for immediate impacts on crude prices and related assets, while considering broader geopolitical ramifications that could influence market sentiment.
- US warplanes were reportedly flying over northern Iraq, Sabreen News reports
- US and Israeli militaries have reportedly developed plans for renewed strikes on Iran after the US midterm elections, targeting energy infrastructure, nuclear facilities and missile and drone arsenals, NYT reports, citing sources
- Saudi Civil Aviation says King Fahd Airport in Dammam was attacked on Wednesday evening, Al Arabiya reports
- Saudi Arabia's Eastern Province was reportedly targeted by four drones, Naya for Iraq reports
- A large explosion was reportedly detected in the Strait of Hormuz near an area where tankers have previously been struck, Fars reports, citing OSINT sources
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