Vitol's Hardy says the Middle East conflict has resulted in the loss of around 12mln BPD of production since the start of the conflict, FT reports; the market set to lose a minimum of 1bln barrels even if the conflict ends tomorrow

The reported loss of approximately 12 million barrels per day (BPD) of production due to the Middle East conflict signals a significant supply shock in the oil market. Even in a hypothetical scenario where the conflict ceases immediately, the anticipated loss of at least 1 billion barrels indicates a prolonged impact on supply, likely bolstering prices and heightening market volatility. Traders should be prepared for potential upside pressure on oil prices and implications for related markets, including currencies and inflation expectations.