Oil prices are expected to jump between 5 and 15 per cent when the market reopens on Sunday evening in New York, as traders weigh the short-term impact of a near halt to energy flows from the Middle East.
While Opec+, the Saudi Arabia-led group of major oil producers, agreed to increase its production by 206,000 barrels a day from April, analysts warned that the extra oil would have little impact on the market if there continued to be disruption to supplies from the ongoing conflict in Iran.
Activity in the Strait of Hormuz, the narrow chokepoint at the mouth of the Gulf through which a fifth of the world’s oil and gas flows, slowed to a near stop on Sunday as Iran continued to fire missiles at neighbouring countries.
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