Iraqi Ministry of Oil says most oil activities and projects are suspended due to the reality imposed by the war, Al Jazeera reports
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Iraqi Ministry of Oil says most oil activities and projects are suspended due to the reality imposed by the war, Al Jazeera reports
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Context
The announcement from the Iraqi Ministry of Oil indicates a significant escalation in geopolitical risks affecting oil supply, given that most oil activities and projects are now suspended due to the ongoing war. This could lead to tighter global oil supplies, influencing prices in the short term, especially for WTI. Traders should brace for increased volatility in oil markets as supply disruptions become more pronounced.
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