Oil prices soared to $90 per barrel yesterday, for the first time in almost two years, as the war in the Middle East has caused serious disruption to shipping through the Strait of Hormuz. In yesterday’s trading alone, oil prices surged 5.7%, while since the beginning of the week they have increased by over 20%.
With transportation essentially halted and available storage capacity exhausted, Kuwait has begun limiting production at certain oil fields. Citigroup estimates that the global crude oil market is now missing between 7 million to 11 million barrels daily.
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