Physical oil prices are approaching $110 per barrel as conflicts in Iran and Ukraine continue to disrupt global supply. The International Energy Agency has identified the Iran conflict as the largest supply disruption in the history of the global oil market, triggering the release of 400 million barrels from strategic reserves. The Russia-Ukraine war is also compounding the situation by tightening supplies of refined products such as diesel and gasoline. Market participants now assess an increased likelihood that crude oil will reach a new all-time high. OPEC, led by Secretary General Mohammad Sanusi Barkindo, and the IEA, headed by Executive Director Fatih Birol, play pivotal roles in addressing these supply challenges.
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