00:00Oil prices settled up around 5% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran
00:07disrupted supplies and shipping, driving some major producers in the Middle East to reduce output.
00:13Brand crude settled up $4.01 or 4.93% at $85.41 per barrel.
00:20Crude oil supplies from Iraq and Kuwait could start shutting within days if the Strait of Hormuz remains closed,
00:26potentially cutting 3.3 million barrels per day by day out of the conflict.
00:31Around a fifth of global oil flows through the Strait, Iraq, the second largest crude producer in the Organisation of
00:37the Petroleum Exporting Countries,
00:39has cut output by nearly 1.5 million barrels per day for lack of storage and an export route, officials
00:45told Reuters.
00:47Qatar, the biggest liquefied natural gas producer in the Gulf, declared force majeure on gas exports on Wednesday,
00:53with sources seeing a return to normal production volumes meeting at least a month.
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