Bloomberg Podcasts
@bloombergpodcasts·503K subscribers·32.4K videos
Oil Soars Above $100 as Iran War Forces Saudi Production Cuts
Posted
March 9, 2026
Views
8,695
Likes
12
Comments
5
Engagement
March 9, 2026
8,695
12
5
0.20%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
See what was published immediately before and after this episode.
5:06Now PlayingLeslie Palti-Guzman, Founder at Energy Vista, examines geopolitical risks to oil and gas production as Saudi Arabia announces production cuts.
Oil smashed through $100 a barrel as Saudi Arabia joined other major Middle East producers in cutting output, with a standstill of tanker traffic through the vital Strait of Hormuz choking off supplies to the rest of the world.
Brent traded 10% higher around $102 a barrel. Prices eased from almost $120 earlier as the world’s largest economies consider a co-ordinated release of emergency oil stockpiles, with Group of Seven finance ministers set to discuss the move on Monday.
Saudi Arabia is beginning to cut oil production as its storage tanks fill up, according to a person familiar with the situation, following similar moves in neighboring countries. The Kingdom has been diverting supplies via a pipeline to the western Red Sea port of Yanbu, but doesn’t have enough capacity to fully replace export volumes that typically transit through Hormuz.
The war in the Middle East is showing no signs of abating after US and Israeli strikes on Iran more than a week ago, and the fallout is stoking fears of an inflation crisis. The halt to shipping through Hormuz — a narrow waterway that normally handles a fifth of the world’s oil — along with attacks on key energy infrastructure have also driven up prices of natural gas and diesel.
--------
Watch Bloomberg Radio LIVE on YouTube
Weekdays 7am-6pm ET
Follow us on X
Subscribe to our Podcasts:
Bloomberg Daybreak
Bloomberg Surveillance
Bloomberg Intelligence
Balance of Power
Bloomberg Businessweek
Listen on Apple CarPlay and Android Auto with the Bloomberg Business app:
Apple CarPlay
Android Auto
Visit our YouTube channels:
Bloomberg Podcasts
Bloomberg Television
Bloomberg Originals
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
