How will US, Israeli strikes on Iran affect oil markets?

LONDON: The US strikes against Iran could severely disrupt the global supply of crude oil and send prices soaring to levels not seen in years. AFP looks at the risks. MAJOR PRODUCER Iran remains just inside the world’s top 10 oil producers even though its output has fallen sharply since the 1970s, hit in particular by rounds of US sanctions. “In 1974, Iran was the third-biggest producer in the world after the US and Saudi Arabia, and ahead of Russia, producing some six million barrels per day,” Arne Lohmann Rasmussen, chief analyst at Global Risk Management, told AFP. Today, Iran…