May 15, 2026
Beyond the strait: why Middle East oilfield shutdowns threaten to keep prices high

Oil could pass 2008 record of $147.50 a barrel as damage and closures risk compounding supply shock caused by Iran warThe world’s largest offshore oilfield stretches more than 40 miles from Saudi Arabia’s eastern province into the depths of the Persian Gulf. For almost 70 years the Safaniya field has produced millions of barrels of Arabian heavy crude to be sold by the biggest oil-producing country…
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