Saudi Arabia reportedly cuts oil output 20% to 8 million bpd amid Iran war

Middle East Gulf oil producers have had to shut vast volumes of production ‌due to ⁠the blocking ⁠of the Strait of Hormuz, a narrow waterway between Iran and Oman, since ​the U.S. and Israel began airstrikes on Iran on February 28. Iran has ​said the world should prepare for oil prices at $200 a barrel.