Oil market has lost a billion barrels due to Iran war, Vitol boss warns

The oil market will lose at least 1bn barrels of crude and refined products due to the war in the Middle East, even if the conflict ends tomorrow, the head of the world’s biggest independent oil trader has warned.

Russell Hardy, who has run Vitol since 2018, said the war was without doubt the biggest disruption in energy markets in his almost 40-year career, eclipsing the smaller and shorter shock in 1990 after Iraq invaded Kuwait.

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Victoria – FT social team