Oil Prices Leap Higher as Iraq Shuts Down Production At Giant Oil Fields

Iraq has begun curtailing oil production at key southern fields, including Rumaila, while West Qurna 2 is also shutting in roughly 460,000 barrels per day, according to Iraqi oil officials. The cuts follow escalating regional tensions that have effectively stalled tanker traffic through the Strait of Hormuz. Iraqi authorities said disrupted navigation and a shortage of available tankers have pushed storage tanks in southern export terminals toward critical levels, forcing production reductions. Related: Trump’s Secret Weapon in the Rare Earth…