The US-Iran war has cost the world 600-700 million barrels in lost oil supply and the figure will rise to at least 1 billion barrels by the time the market recovers from the conflict, says Russell Hardy, head of the world’s largest oil trader, Vitol.
He made the remarks at the FT Global Commodities Summit, according to Reuters.
Customers are filling up their tanks at a Shell petrol station in Hanover, central Germany on April 19, 2026. — AFP