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The Economic Times

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Saudi Aramco reducing output at two oilfields, two sources say

Saudi oil giant Aramco is rerouting crude to the Red Sea port of Yanbu. The vital Strait of Hormuz is effectively closed due to the US-Israel war on Iran. Several Middle Eastern producers are curbing output. Brent crude futures have surged to near $120 per barrel. This disruption could lead to elevated fuel prices globally for months.

9 Mar 2026 7:35 pm