Institution: Trump’s Iraq war speech casts a shadow over the oil market, with more than 600 million barrels of oil supply at risk by the end of April

Traders are preparing for a more prolonged conflict, which will intensify the already severe disruption in global energy supplies. "With the conflict expected to last at least until late April, the outlook for crude oil supply is becoming increasingly grim," said Ryan McKay, Senior Commodity Strategist at TD Securities in a client report. By the end of April, the world will lose nearly 1 billion barrels of oil, including 600 million barrels of crude oil and about 350 million barrels of refined products such as jet fuel, diesel, and gasoline. For each month the war drags on, it will cause an additional total supply loss of 450 million barrels. Expand