Middle East Conflict Reduces Global Oil Demand by 1.6 Million Barrels Per Day
The ongoing conflict in the Middle East has significantly impacted global oil demand, reducing it by 1.6 million barrels per day, according to ING commodity analysts. This reduction is a consequence of the disruption in oil supply, which has been estimated at between 13 million and 14 million barrels per day. The situation has been exacerbated by the breakdown of talks between the United States and Iran, with President Trump reportedly rejecting Iran's proposal to reopen the Strait of Hormuz. This has led to a prolonged supply disruption, causing oil prices to surge. Brent crude recently traded at $123.83 per barrel, while West Texas Intermediate was at $109.56 per barrel. The conflict has also prompted Iran to issue warnings of potential military action against the U.S. blockade of Iranian vessels in the Persian Gulf. 
