Middle East War Shocks Global Economy: 1 Billion Barrels Lost, Condom Prices to Hike 30%
The conflict in the Middle East has caused a massive loss of over 1 billion barrels of oil, triggering energy crises and supply chain disruptions. Global condom giant Karex plans a 20-30% price increase due to rising costs.
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- 📰 Published: April 22, 2026 at 19:05
- 🔍 Collected: April 22, 2026 at 19:32 (26 min after Published)
- 🤖 AI Analyzed: April 23, 2026 at 00:02 (4h 30m after Collected)
(CNA Taipei, 22nd, Combined Foreign Dispatch) Oil traders warn that the Middle East war has already resulted in a global loss of at least 1 billion barrels of oil, an impact far exceeding the 1990 Iraqi invasion of Kuwait. Meanwhile, due to rising production costs from the conflict, the world's largest condom manufacturer plans to raise prices by 20% to 30%.
### Middle East War Impacts Oil Market: Traders Warn of 1 Billion Barrel Loss
Russell Hardy, CEO of Vitol Group, the world's largest independent oil trader, warned that even if the Middle East war ended tomorrow, the global oil market would still have lost at least 1 billion barrels of crude and refined products due to the conflict. Hardy pointed out that since the US and Israel first bombed Iran in late February, attacks on energy infrastructure in the Persian Gulf and the closure of the Hormuz Strait have reduced oil products by approximately 12 million barrels per day. He stated this war is undoubtedly the most impactful of his nearly 40-year career, far exceeding the 1990 invasion of Kuwait.
### US Treasury Secretary: Kharg Island Storage Nearing Capacity; Iran May Force Production Cut
US Treasury Secretary Bessent stated that oil storage capacity on Iran's Kharg Island will reach its limit within days. He emphasized that the US continues to block ships from entering and leaving Iranian ports to further weaken the Iranian regime's financial capacity. Kharg Island handles about 90% of Iran's crude exports. According to JPMorgan Chase, if the blockade is effective and storage runs out, Iran may be forced to cut or stop crude production. Oil-related revenue accounts for about 80% of Iran's export income.
### EU Considers Increasing US Aviation Fuel Imports Amid Hormuz Blockade
Iran's de facto blockade of the Hormuz Strait has led to soaring energy prices. The European Union said it is considering increasing imports of aviation fuel from the US and requiring member states to maintain minimum reserves to cope with fuel supply tightening. EU Transport Commissioner Apostolos Tzitzikostas noted that while there are no signs of 'actual shortages' yet, inventories in some parts of Europe are under pressure, and the EU must be prepared.
### War Disrupts Supply Chain: World's Largest Condom Manufacturer to Raise Prices by 20-30%
Goh Miah Kiat, CEO of Malaysian company Karex Bhd, the world's largest condom manufacturer, said it plans to raise prices by 20% to 30%. If the war continues to disrupt supply chains, the hike could expand further. Since the conflict erupted in late February, Karex has faced rising costs for everything from synthetic rubber and nitrile required for production to packaging and lubrication materials like aluminum foil and silicone oil. Condom demand has increased by about 30% this year, while shipping delays exacerbate shortages. Shipping times from Karex to Europe and America have doubled from one month to nearly two months.
### Middle East War Impacts Oil Market: Traders Warn of 1 Billion Barrel Loss
Russell Hardy, CEO of Vitol Group, the world's largest independent oil trader, warned that even if the Middle East war ended tomorrow, the global oil market would still have lost at least 1 billion barrels of crude and refined products due to the conflict. Hardy pointed out that since the US and Israel first bombed Iran in late February, attacks on energy infrastructure in the Persian Gulf and the closure of the Hormuz Strait have reduced oil products by approximately 12 million barrels per day. He stated this war is undoubtedly the most impactful of his nearly 40-year career, far exceeding the 1990 invasion of Kuwait.
### US Treasury Secretary: Kharg Island Storage Nearing Capacity; Iran May Force Production Cut
US Treasury Secretary Bessent stated that oil storage capacity on Iran's Kharg Island will reach its limit within days. He emphasized that the US continues to block ships from entering and leaving Iranian ports to further weaken the Iranian regime's financial capacity. Kharg Island handles about 90% of Iran's crude exports. According to JPMorgan Chase, if the blockade is effective and storage runs out, Iran may be forced to cut or stop crude production. Oil-related revenue accounts for about 80% of Iran's export income.
### EU Considers Increasing US Aviation Fuel Imports Amid Hormuz Blockade
Iran's de facto blockade of the Hormuz Strait has led to soaring energy prices. The European Union said it is considering increasing imports of aviation fuel from the US and requiring member states to maintain minimum reserves to cope with fuel supply tightening. EU Transport Commissioner Apostolos Tzitzikostas noted that while there are no signs of 'actual shortages' yet, inventories in some parts of Europe are under pressure, and the EU must be prepared.
### War Disrupts Supply Chain: World's Largest Condom Manufacturer to Raise Prices by 20-30%
Goh Miah Kiat, CEO of Malaysian company Karex Bhd, the world's largest condom manufacturer, said it plans to raise prices by 20% to 30%. If the war continues to disrupt supply chains, the hike could expand further. Since the conflict erupted in late February, Karex has faced rising costs for everything from synthetic rubber and nitrile required for production to packaging and lubrication materials like aluminum foil and silicone oil. Condom demand has increased by about 30% this year, while shipping delays exacerbate shortages. Shipping times from Karex to Europe and America have doubled from one month to nearly two months.