Daily oil exports from the Gulf, home to top exporter Saudi Arabia and other major producers, have dropped by at least 60 per cent in the week to March 15 compared to February, due to disruptions and output cuts amid the US-Iran war, according to shipping data and Reuters’ calculations.

The effective closure of the Strait of Hormuz, normally used to transport about a fifth of the world’s oil supply, has forced exporters to cancel shipments and shut production at oilfields, creating the world’s biggest ever supply disruption. Crude oil prices have surged to the highest in four years and those of some fuels to record highs.

Crude, condensate and refined fuels exports from eight Middle Eastern countries — Saudi Arabia, Kuwait, Iran, Iraq, Oman, Qatar, Bahrain, and the United Arab Emirates - in the week to March 15 averaged 9.71 million barrels per day, data from Kpler showed, down 61pc from 25.13 million barrels per day in February.

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