Middle East oil refineries shut around 1.9mln BPD of crude refining capacity due to US-Iran war, IIR reports
Newsquawk Staff ·
Middle East oil refineries shut around 1.9mln BPD of crude refining capacity due to US-Iran war, IIR reports.
What it means
The shutdown of approximately 1.9 million barrels per day of crude refining capacity due to the US-Iran conflict represents a significant supply-side disruption in the oil market. This development could lead to heightened volatility in crude prices, especially for WTI and Brent, as traders assess both immediate impacts and potential longer-term ramifications. Watch for reactions across energy stocks and the broader commodity space as markets digest the implications of reduced supply amidst ongoing geopolitical tensions.
- ADNOC reportedly informed some Asian refiners that it may begin delivering Upper Zakum crude via a new pipeline to the Fujairah terminal in early 2027, allowing shipments to bypass the disrupted Strait of Hormuz, according to Bloomberg
- US EQUITY OPEN: Indices rangebound ahead of FOMC and major earnings
- Russian Deputy PM Novak says they are open to work with US partners on energy, but there are no current discussions around a return to specific projects
- [MARKET ANALYSIS] Crude grinds higher, Dutch TTF remains just under EUR 100/MWh, metals subdued
- [MARKET ANALYSIS] Contained, but a bearish skew, across fixed income into the UK Budget and FOMC
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