WS #11958
US strikes on Iran's Kharg Island oil terminal and Trump's Strait of Hormuz takeover comments drive oil prices up 4%, while UK designates IRGC as terrorist and Germany calls for ceasefire restoration. UAE oil production surged 80% to 3.8M bpd in June, and OPEC lowered 2026 global oil demand growth forecast from 970k to 780k bpd, partially offsetting supply disruption fears.
US-Iran Military Escalation & Oil Supply Shock
US strikes on Iran's Kharg Island oil terminal and Trump's Strait of Hormuz takeover comments drive oil prices up 4%, while UK designates IRGC as terrorist and Germany calls for ceasefire restoration.
UAE oil production surged 80% to 3.8M bpd in June, and OPEC lowered 2026 global oil demand growth forecast from 970k to 780k bpd, partially offsetting supply disruption fears.