Episode Details

Oil prices surge due to Gulf oilfield shutdowns, triggered by the Iran-Iraq war, blocking the Strait of Hormuz. Saudi Arabias Safaniya field, the worlds largest offshore producer, has shut down after nearly seventy years. Producers are redirecting oil, but pipelines and storage are filling up fast. Brent crude hit $119 a barrel, threatening the biggest energy supply shock ever. The International Energy Agency warns of a ten million barrels a day production slash. Qatar halted LNG output, warning of global economic impact. Experts say restarting fields could take weeks, months, or longer. Global leaders push for a four hundred million barrel release from strategic reserves, but analysts say shutdowns are the real price driver.

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