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The Economic Times

Top News / The Economic Times

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War cost to world = '2.6 billion barrels of oil'

Global oil inventories have significantly depleted since the US-Israeli war with Iran began. Saudi Aramco's chief stated that replenishing these stocks would take eighteen months. The world's top oil exporter reported a substantial profit increase in the second quarter. This profit surge occurred as higher prices benefited crude oil and refined products. Shipments were successfully rerouted away from the Strait of Hormuz during this period.

5 Aug 2026 1:05 am