Middle East oil refineries shut around 1.9mln BPD of crude refining capacity due to US-Iran war, IIR reports

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.