BlockBeats News, March 8th, according to The Kobeissi Letter analysis, meanwhile, Kuwait, the UAE, Saudi Arabia, Iraq, and Qatar have all confirmed at least partial oil production halts. Qatar has completely halted the supply of approximately 20% of the world’s liquefied natural gas. The bigger issue is that once oil and gas facilities are shut down, restarting production is not a simple task. Factories may take weeks or even months to resume full operations once they are shut down.
The analysis notes that U.S. stock index futures will open in less than 24 hours: however, in the case of soaring oil prices, the market has not seen any signs of easing tensions in the Middle East. Therefore, the next 24 hours are crucial, and unless there are intervention measures, oil prices are poised to surge above $100 per barrel.
