Oil could pass 2008 record of $147.50 a barrel as damage and closures risk compounding supply shock caused by Iran war<\/p>\n
The world\u2019s largest offshore oilfield stretches more than 40 miles from Saudi Arabia\u2019s 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. This week, the field was shut.<\/p>\n
The war in Iran has effectively blocked the Gulf states from exporting a fifth of the world\u2019s oil supply to the international buyers through the strait of Hormuz<\/a>. Iran\u2019s attacks on tankers trapped in the vital trade route have erased an estimated 15m barrels of oil from the global market.<\/p>\n Continue reading…<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Oil could pass 2008 record of $147.50 a barrel as damage and closures risk compounding supply shock caused by Iran war The world\u2019s largest offshore oilfield stretches more than 40 miles from Saudi Arabia\u2019s eastern province into the depths of the Persian Gulf. For almost 70 years the Safaniya field has produced millions of barrels … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-68985","post","type-post","status-publish","format-standard","hentry","category-blog"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/68985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/comments?post=68985"}],"version-history":[{"count":0,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/posts\/68985\/revisions"}],"wp:attachment":[{"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/media?parent=68985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/categories?post=68985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news2shorts.com\/index.php\/wp-json\/wp\/v2\/tags?post=68985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}