Middle East War Impacts Oil Market, Traders Warn of 1 Billion Barrel Loss

(Central News Agency London, 21st) Major global traders stated at the FT Commodities Global Summit in the UK that even if the war ended tomorrow, the impact of the Hormuz Strait closure would persist, with over 1 billion barrels of oil already lost. Vitol CEO Russell Hardy warned that daily production has decreased by 12 million barrels since late February bombings. He described this as the most impactful event in his 40-year career, surpassing the 1990 Iraqi invasion of Kuwait. Traders warned of food crises due to disrupted fertilizer supplies and slowed copper mining. Gunvor and Trafigura CEOs also warned that prolonged closure could lead to a global recession by July.