Iran Oil Export Collapse Reaches Near Zero Amid Political Confusion

As of this week, approximately 2 million barrels per day of Iranian oil exports have collapsed to near zero due to ongoing political strife in Iran. JPMorgan has reported that this situation has likely widened the oil supply deficit to 15-16 million barrels per day. The U.S. Energy Information Administration estimates that 7.5 million barrels per day were offline in March, potentially rising to over 9 million. Citigroup warns that if disruptions persist through the spring, total supply loss could reach 1.3 billion barrels, impacting Brent crude prices significantly.