Oil has risen above its 5 month highs on the oil supply disruptions and the new Iran wars frontline in Yemen and Saudi Arabia, August Saudi production has gone down to 6million barrels a day compared to the 10million Barrels a day pre war average.
Currently with Irans exports halted through the Strait of Hormuz ,its exports sit idle to the world , but now so does Saudi Arabias , with their exports through the strait stopped, and now the war with the Houthi rebels has damaged export pipelines through the Red Sea part of the Saudi Arabia . Russias exports are also at bare minimum as many pipelines are damaged due to the Ukraine war.
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