OIL INDUSTRY BRACES FOR YEARS OF MARKET DISRUPTION

What happened: Oil executives at a London conference said shipping bottlenecks, refinery output cuts and inventory draws will keep global oil prices high beyond this year, after Iran closed the Strait of Hormuz following the start of the US-Israeli war on Iran. Key numbers: 3 billion barrels lost since the conflict began; 1 billion barrels withdrawn from inventories; 6 million bpd shortfall of refined products; Kuwait Why it matters: Saudi Aramco's Amin Nasser said refilling stockpiles could take up to two years, and ConocoPhillips' Ryan Lance said demand may not recover until 2028 or 2029.

Oil executives at a London conference said shipping bottlenecks, refinery output cuts and inventory draws will keep global oil prices high beyond this year, after Iran closed the Strait of Hormuz following the start of the US-Israeli war on Iran.

Saudi Aramco's Amin Nasser said refilling stockpiles could take up to two years, and ConocoPhillips' Ryan Lance said demand may not recover until 2028 or 2029.