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Petroleum market update
The gist
Oil prices rose more than $3 a barrel on Monday, with Brent up 3.46% to $108.23.
The Saudi pipeline shutdown and Strait of Hormuz attacks keep global supply risk elevated.
How it unfolded
- Apr 8, 2026ExxonMobil anticipates a 6% drop in global oil-equivalent production in first-quarter 2026 due to Middle East disruptions from the Iran war.
- Apr 9, 2026Chevron also anticipates a decline in oil-equivalent production tied to the Middle East conflict.
- May 5, 2026S&P Global says global oil markets face 'double depletion' — a sharp contraction in demand alongside an unprecedented drawdown in crude inventories.