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Middle East Conflict Cuts Gulf Oil, Sparks Global Shortages

4/23/2026

23 3 Full Breakdown

Summary

Story summary

The war in the Middle East has cut Persian Gulf oil supply, raising prices.
China, Japan, Europe and the United States are buying most oil at higher prices.
Those nations are also limiting exports to retain supplies.
The surge is causing shortages in Asia, sub-Saharan Africa and Latin America.
Economist Isabella Weber of the University of Massachusetts Amherst called it “hoarding” and noted gas and jet-fuel shortages.

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Story summary

The war in the Middle East has cut Persian Gulf oil supply, raising prices.
China, Japan, Europe and the United States are buying most oil at higher prices.
Those nations are also limiting exports to retain supplies.
The surge is causing shortages in Asia, sub-Saharan Africa and Latin America.
Economist Isabella Weber of the University of Massachusetts Amherst called it “hoarding” and noted gas and jet-fuel shortages.