Strait of Hormuz disruption: War chokes Middle East supply, oil prices spike globally

2026-03-17 - 05:13

Global oil prices are soaring due to Middle East conflict. Dubai crude reached an all-time high, becoming the world's most expensive. Supply disruptions are impacting Asian refiners. They are cutting operations or seeking oil from other regions. Middle East exports to Asia have significantly dropped. Trading activity is slowing, with some benchmarks considered broken.