Hormuz Crisis Forces Massive Saudi Oil Shut-In

Saudi Arabia has cut oil output by approximately 20%, or 2 million barrels per day, to around 8 million bpd after shutting down the major Safaniya and Zuluf offshore fields amid the ongoing conflict with Iran that is choking Persian Gulf exports. This represents one of the largest sudden supply losses in modern oil market history. The shutdown dramatically tightens global crude supply and is expected to exert sustained upward pressure on oil prices.