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oil prices 16 percent gain hormuz crisis

Oil Soars 16% on Hormuz Crisis as Iraq Forced to Cut 1.5M Barrels

Global oil prices are on track for a 16% weekly gain as the Strait of Hormuz disruption creates a supply crisis. Iraq has slashed output by 1.5 million barrels daily due to storage limits, with Kuwait facing similar cuts within weeks. The US issued a 30-day sanctions waiver allowing 9.5 million barrels of Russian oil to flow to India, but analysts warn prices will remain elevated until Hormuz traffic resumes.
Mar 06, 2026Read news →