OPEC Production Plunges Amid War

The global energy market is reeling from the impact of the Middle East conflict, with OPEC data revealing a staggering drop in production.

Major producers have been forced to curb output and seek alternative export routes as the Strait of Hormuz remains effectively impassable.

The supply shock has pushed physical oil prices to near-record highs, with some cargoes for European delivery hitting $150 a barrel.

Analysts warn that the loss of Iranian and other Gulf exports will lead to prolonged shortages and further weaken global economic growth.