Iran’s crude oil output up 20% in 2 years: What does this mean for the war?

Iran’s crude production has risen by more than 20 per cent over the past two years to 3.4 million barrels per day, which is around 3.3 per cent of the total global oil supply. With the ongoing proxy conflict with Israel, analysts say that if the market were to price a higher probability of reduced Iran supply, then this could contribute to a higher geopolitical risk premium.