March 20, New Delhi — Prices for oil and fuel cargoes have surged to record highs as supplies from the West Asia region remain severely restricted on the 21st day of the Iran war.
Rising oil prices in physical markets—the trading hubs for oil transported by ships, rail cars, or stored in tanks—have exceeded the already significant increases in benchmark futures markets, as refiners and traders across Asia and Europe are rapidly acquiring available barrels to address the widening supply gap.
The supply gap is expected to continue following a series of attacks on oil and gas facilities across the Middle East, which has resulted in the largest disruption to global energy supplies to date.
