CMR is the leading provider of funding and management support for small to medium-sized businesses and entrepreneurs 

Authored by Jerry Zhu via The Epoch Times,

An Australian-led study has found children and teenagers who spend more time on social media are more likely to experience depression, self-harm, substance use, and lower achievement later in life.

Published in JAMA Pediatrics, the systematic review examined data from 153 studies consisting of over 350,000 children and adolescents aged between 2 and 19 years, for up to two decades.

“The strongest pattern we saw was between social media use and later problematic media use, suggesting early patterns of engagement may become more entrenched and difficult to manage over time,” said Sam Teague, a senior research fellow at James Cook University.

The study focused on longitudinal research, which follows participants over time and offers stronger insight into how behaviours and outcomes develop.

Teague said previous research in the field often relied on snapshots collected at a single point in time, making it harder to determine whether social media use preceded negative outcomes.

However, she stressed the findings do not prove social media causes harm.

Instead, the results show consistent links between higher use and a range of developmental outcomes, including cognitive, social-emotional, physical health, and motor development.

Amy Orben, a professor at the Medical Research Council Cognition and Brain Sciences Unit at the University of Cambridge, said the relationship may be more complex.

“It may be that children who are already struggling spend more time on social media, rather than social media being the cause of their difficulties,” Orben said.

“Similarly, some personality traits or life circumstances might make certain children both more likely to use social media heavily and more likely to experience poorer developmental outcomes.”

Adolescents Identified as Most Vulnerable

Teague said one possible explanation is that time spent online may displace activities linked to better mental health.

“Time spent on digital media [could] displace time that would otherwise be spent on things that are linked to improved mental health, like exercise and connecting with family and peers in real life,” Teague told The Epoch Times in an email.

She also contrasted the interactive nature of social media with traditional media.

“Unique to digital media over traditional media, is its interactive nature, whereby children and teens are encouraged to keep engaging with content through addictive features like auto-play and auto-scroll,” she said.

Adolescents in particular were identified as more vulnerable to the effects of social media.

“Early adolescence is when identity formation and peer relationships become key developmental systems for young people,” she said.

She added that social media can magnify these pressures through constant external feedback and large social comparison.

“Action is needed at the policy and platform level most to make our online environments, that are designed largely for adults, appropriate for children,” she said.

“Addictive design features particularly need attention, like auto-play and auto-scroll, as well as exposure to harmful content.”

Social Media Companies Taken to Court Over Claims of Addictive Design

The new research comes as plaintiffs won a landmark social media addiction case in the United States.

The civil trial in Los Angeles centres on a 20-year-old woman who alleges major tech companies designed their platforms to be addictive, contributing to mental health issues.

Defendants include Instagram and YouTube, while cases involving Snapchat and TikTok have been settled privately.

Lawyers for the plaintiff argue she became addicted to social media as a minor, leading to depression, body dysmorphia, and suicidal thoughts.

YouTube’s legal team has rejected the claims, arguing the platform is not addictive, and is comparable to video services such as Netflix, where users can stop scrolling at anytime.

On Feb. 18, Meta Chief Executive Mark Zuckerberg told the court the company had long since abandoned goals of “increasing time spent on apps,” instead focusing on engaging users through “creating value.”

The Catholic Church is America’s largest Christian group - but it doesn’t have the most churches.

Drawing on data from the U.S. Religion Census, compiled by Julie Peasley via Visual Capitalist, this visualization compares the country’s biggest Christian denominations by two measures: adherents and congregations.

The comparison highlights a key divide in how these groups are structured. Catholics lead by membership, while the Southern Baptist Convention leads by church count. Non-denominational churches also rank near the top on both measures, reflecting how the composition of American Christianity has shifted over time.

The Largest Christian Denominations in America

Here’s a closer look at how America’s largest Christian groups stack up:

 

What Are “Adherents” and “Congregations”?

Two metrics drive this comparison:

• Adherents: the total number of people affiliated with a religious group.

• Congregations: the number of individual places of worship.

Together, they show both the size of each group and how widely it is distributed.

America’s Largest Christian Group Has Fewer Congregations

The Catholic Church has 61.9 million adherents—more than any other group—but only about 19,400 congregations.

By contrast, the Southern Baptist Convention has 51,400 churches, the most in the dataset, despite having far fewer members. Non-denominational churches also combine a large membership base with a wide church network.

The result is a clear tradeoff: some groups concentrate members into fewer congregations, while others are spread across a much larger number of churches.

The Rise of Non-Denominational Christianity

Non-denominational Christian churches have emerged as one of the largest groups in the country. Their growth reflects broader shifts in religious identity, as many Americans move away from traditional denominational labels.

According to broader research from Pew, religious affiliation in the U.S. has remained relatively stable in recent years, but the composition within Christianity continues to evolve. Non-denominational and evangelical traditions have gained prominence, especially in fast-growing regions.

A Diverse Religious Landscape

Beyond the largest groups, the U.S. is home to a wide array of smaller denominations, from Lutheran and Methodist branches to Adventist and Episcopal churches. Each contributes to a highly fragmented but vibrant religious ecosystem.

Geography helps shape these patterns. In this map of U.S. religion, Baptist and evangelical churches are heavily concentrated in the South, whereas Catholic strongholds align with areas shaped by European and Latin American immigration.

To see how Christianity compares on a global scale, check out Ranked: Countries With the Greatest Number of Christians on the Voronoi app.

Authored by Dylan Morgan via The Epoch Times,

California Gov. Gavin Newsom on Friday issued an executive order banning state officials from using insider knowledge to profit, or assist another person in profiting, on prediction markets, effective immediately.

The governor’s office said there have been mounting reports of individuals in the federal government with access to sensitive government information placing well-timed bets ahead of major Trump administration actions. These reports are currently allegations and have yet to be verified.

“Public service should not be a get-rich-quick scheme. At a time when Trump’s Washington is riddled with ethical failures and insider profiteering, California is drawing a bright line: If you serve the public as a political appointee, you serve the public—period,” Newsom said.

“We’re not going to tolerate this kind of corruption in California.”

Prediction markets are platforms that allow users to bet on real-world events, including government decisions, political events, sports, pop culture, and everything in between.

The governor’s office said that, in one example, six suspected insiders made $1.2 million betting on a U.S. strike against Iran from accounts funded only days before the strike and bet only hours before it occurred.

The governor’s office also said another person has made nearly $1 million from a 93 percent win rate on bets related to Iran and Israel.

In a separate incident, an individual made more than $400,000 betting on the U.S. military capturing former Venezuelan leader Nicolás Maduro just hours before that occurred, according to the governor’s office.

Kalshi, one of the largest prediction market platforms, said on X in response to Newsom’s order that it already enforces insider trading violations and that these examples by the governor’s office took place on a separate, unregulated prediction market.

“Insider trading violates our rules, and we enforce them when we catch insiders,“ Kalshi said in a statement.

“Government employees should be aware that trading on federally regulated markets using material non-public information violates the law.”

Last week, on March 23, a bipartisan pair of senators went after the gambling side of prediction markets. Sens. John Curtis (R-Utah) and Adam Schiff (D-Calif.) introduced legislation aimed at banning sports betting through these platforms.

Curtis said in a statement that the measure is needed to protect state authority over gambling laws. He said the rapid expansion of these platforms exposes young people to gambling-like products that should fall under state, not federal, oversight. The legislation, he said, is intended to reaffirm states’ rights, protect consumers, and keep speculative financial products out of areas traditionally regulated as gambling.

Kalshi opposes the bill. Its spokesperson Elisabeth Diana told The Epoch Times in an emailed statement that banning sports-related prediction markets would backfire by pushing users to unregulated offshore platforms.

“It’s clear this bill is motivated by casino interests that are threatened by competition,” she said.

“They’re more worried about protecting their monopolies than protecting consumers.”

Diana said regulated prediction markets are a fairer alternative to traditional gambling because they don’t disadvantage successful users, and that competition—not protection of existing industries—should determine their future.

Elon Musk and the U.S. Securities and Exchange Commission are no longer pursuing a quick settlement and instead appear headed for a courtroom fight over Musk’s 2022 takeover of Twitter, according to Bloomberg.

In a status update filed Wednesday, both sides said they had explored possible resolutions but ultimately agreed the case isn’t suited for mediation. “The parties do not believe that this case would benefit…from…ADR,” the filing states, signaling a shift toward full litigation.

At the center of the case is the SEC’s claim that Musk failed to promptly disclose he had accumulated more than a 5% stake in Twitter—an omission the agency says allowed him to buy shares at lower prices, costing investors more than $150 million. Musk has pushed back, calling the lawsuit “a waste of this court’s time,” but a judge has already rejected both his dismissal bid and the SEC’s attempt to win the case outright.

Bloomberg writes that the next phase will involve discovery, where Musk’s team says it needs up to a year to review what it described as a “voluminous investigative file” built over nearly three years, including testimony from dozens of witnesses.

The case unfolds alongside other legal setbacks tied to the deal. A jury recently found Musk misled investors during the acquisition saga, and a separate federal judge allowed a class-action suit over alleged stock manipulation to move forward.

Musk’s clashes with regulators and investors stretch back years, most notably to his 2018 “funding secured” tweets about taking Tesla, Inc. private. That episode led to an SEC enforcement action, a $20 million fine, and an agreement requiring oversight of some of his public statements—terms Musk has repeatedly criticized and tried to challenge in court.

He has also faced a steady stream of shareholder lawsuits tied to his companies, including disputes over compensation, market-moving statements on social media, and acquisitions. While Musk has successfully defended some cases, others have resulted in settlements or ongoing litigation, reinforcing scrutiny around his communications and business practices.

More broadly, the combination of high-profile deals, unconventional public remarks, and aggressive legal strategy has kept Musk frequently entangled in court battles over the past decade, making regulatory and investor lawsuits a recurring feature of his leadership across multiple companies.

The Gulf energy shock is exposing the consequences of California’s economic mismanagement under the state’s one-party rule of Democratic kings and queens. Years of failed "green" policies, regulatory overreach, high taxes, endless environmental mandates, and heavy reliance on Asian refineries have transformed California into an energy island highly vulnerable to global fuel shocks, with San Francisco becoming the first U.S. city on Saturday to top $8 a gallon for diesel.

"For the first time ever, GasBuddy data show average diesel prices have risen above $8 per gallon in San Francisco, CA, the first U.S. city ever to reach the $8 mark," Patrick De Haan of the fuel-tracking website GasBuddy wrote on X.

BREAKING: For the first time ever, GasBuddy data showing average diesel prices have risen above $8 per gallon in San Francisco, CA- the first ever U.S. city to reach the $8 mark ever.

— Patrick De Haan (@GasBuddyGuy) April 5, 2026

De Haan noted, "The national average price of gasoline is $4.10/gal this morning, with diesel at $5.58/gal. Both are likely to tick slightly lower today, but a large round of price cycling will begin tomorrow in potentially a dozen or so states, pushing prices back up."

National average price of gasoline is $4.10/gal this morning with diesel at $5.58/gal, both are likely to tick slightly lower today, but a large round of price cycling will begin tomorrow in potentially a dozen or so states, pushing prices back up.

— Patrick De Haan (@GasBuddyGuy) April 5, 2026

California has always been an outlier among states in terms of fuel prices. As we have outlined in recent weeks, it was only a matter of time before prices soared in the Golden State to levels that would cause demand destruction.

Last month, Chevron’s head of oil refining, Andy Walz, explained that California is careening toward an energy crisis due to the war in Iran. He said the company may reduce oil refining in the state unless officials roll back taxes and regulations, which is unlikely to happen as long as Democrats remain in power.

Walz said the state is highly exposed to the energy shock rippling across commodity markets because it imports about 20% of its refined fuels from Asia. But, as extensively discussed here, oil product shipments from China, South Korea, Singapore, and elsewhere are at risk of slowing if the Hormuz chokepoint remains clogged, as well as of panic-driven hoarding of fuel by countries. This only leaves Asian nations dialing back crude product exports, exposing California to changes in overseas flows. 

Walz said fuel shortages in California are his worst fear: "We have refineries in Asia that are having to cut crude, so they’re going to make fewer products. What if San Francisco doesn’t have the jet fuel it needs? Or Los Angeles? Or maybe gasoline?"

Put another way, California functions as an energy island within the U.S., cut off from the core refinery hubs of Texas and Louisiana. That issue comes as multiple refineries in California have shuttered in recent years because of climate-related regulations and a broader regulatory regime that continues to kill the state’s energy complex.

Even CBS News California was forced to acknowledge last week that a six-month investigation found that state left-wing policies, refinery closures, and global supply risks transformed California into an energy island, highly exposed to disruptions in global fuel flows.

California’s reliance on overseas fuel imports is a major policy failure by state leaders. It also reinforces what JPMorgan analysts have been warning: as the energy shock ripples from Asia to Africa to Europe, California was always likely to be one of the first places in the U.S. to feel max pain. Diesel above $8 per gallon may be the most apparent signal yet that the shock has arrived.

For years, Democrats in the state were able to deflect blame for price gouging onto oil companies. That narrative has since collapsed under the weight of left-wing climate policies that have undermined California’s energy complex. After years of failed governance under left-wing rule and Gov. Newsom, the state now faces a far more serious risk: a fuel shortage that could evolve from an economic crisis into a national security concern, particularly if supply disruptions begin to impair readiness at key military bases across California.

California is entering its dry season with far less snow than usual, heightening drought concerns across the state, according to Bloomberg.

Snowpack stands at just 18% of normal statewide, according to the Department of Water Resources. Conditions are especially severe in the Sierra Nevada: the northern region has only 6% of typical levels, while the central and southern areas are at 21% and 32%, respectively.

The shortfall matters because California depends on winter snow — not year-round rainfall — for much of its water. Snowpack, typically measured around April 1 at its peak, acts as a natural reservoir that melts in spring and summer to supply cities, farms and ecosystems.

This year, however, warmer Pacific storms brought more rain than snow, boosting reservoirs but limiting snow accumulation. The snowpack also peaked early, in late February, before record March warmth rapidly melted it.

Bloomberg writes that the result could be widespread drought conditions, with increased wildfire risk and added strain on agriculture and wildlife as water supplies tighten.

Historically, California has seen similar swings between extreme lows and highs in snowpack. During the 2012–2016 drought, snow levels collapsed, culminating in 2015 — the lowest in at least 500 years — when many Sierra sites recorded little to no snow. Warmer temperatures, rather than just lack of precipitation, played a major role in that “snow drought,” a pattern scientists say is becoming more common.

At the same time, the state can quickly swing to the opposite extreme. Just a few years ago, 2023 brought one of the largest snowpacks on record — more than double the average — following multiple wet storms. These sharp reversals underscore California’s growing “boom-and-bust” water cycle, where exceptionally wet years are often followed by rapid declines, making long-term water planning increasingly difficult.

Authored by Steve Watson via Modernity.news,

In yet another jaw-dropping display of elite hypocrisy, Barack Obama’s Chicago Presidential Center – long derided as the “Tower of Doom” – now requires proof of U.S. citizenship or lawful permanent residency just to enter a ticket giveaway for its grand opening ceremony on June 18, 2026.

While Democrats in Washington relentlessly push policies that treat America’s borders like an open invitation, the Obama Foundation has quietly imposed strict eligibility rules for its own high-profile event. 

The sweepstakes for two free tickets, complete with a potential $1,500 travel stipend for winners living 100 miles or more away, is explicitly limited to U.S. citizens or lawful permanent residents who are legal residents of the 50 states, D.C., or Puerto Rico and at least 18 years old.

HYPOCRITE: The Obama Presidential Center in Chicago — opening this June — is restricting entry to its grand opening ticket giveaway to only U.S. citizens or lawful permanent residents.

Kayleigh McEnany: “Why do we have stricter standards for the Obama library than for voting?”… pic.twitter.com/SbIuZDVIxv

— RedWave Press (@RedWavePress) April 4, 2026

Kayleigh McEnany cut straight to the point: “Why do we have stricter standards for the Obama library than for voting?”

Rep. Brandon Gill (R-TX) delivered the obvious answer: “Well, because Democrats would like to allow non-citizens to vote in American elections.”

X users were equally unforgiving.

This is rich.

YOU ARE ONLY USEFUL TO THEM FOR YOUR VOTE!!!!!!

Wake up people!!!!!

— girlwithattitude?? (@Julesro42) April 4, 2026

So telling. They want illegal’s votes but they don’t want to have to be around them.

— Jack H (@JackHuckIV) April 4, 2026

I just wish Democrats would see this hypocrisy by the people they vote for!

— SHEEDOM (@SheedomUSA) April 4, 2026

This latest twist exposes the double standard at the heart of the modern left: secure the perimeter around Obama’s $1 billion vanity project while demanding the rest of America absorb an unchecked invasion.

As we’ve previously highlighted, tower is almost complete, with the “headache-inducing” narcissistic addition of chopped-up excerpts from Obama’s 2015 Selma speech etched across the facade. 

That update only amplified mockery of the prison-like monstrosity, already ballooning toward $1 billion in costs while displacing South Side residents as rents doubled from $800 to over $1,800 for two-bedroom apartments. Locals rightly called out how such developments “displace the very people they say they want to improve it for.”

The $1 billion Presidential Library resembles a “Tower of Doom” – a concrete bunker sucking the life out of Chicago’s South Side, complete with DEI contractor lawsuits over poor performance and racial discrimination claims. 

Taxpayers were stuck with a $200 million-plus infrastructure bill despite claims of private funding, while the foundation scrambled with just $116 million in reserves against $230 million in remaining costs.

Obama’s team can demand verified legal status for a glorified selfie opportunity at his ego monument, yet the same political machine fights tooth and nail against basic citizenship verification at the ballot box. Meanwhile, everyday Americans foot the bill for the fallout.

The Tower of Doom stands as a fitting monument – not to hope and change, but to the insulated arrogance of a political class that preaches open borders for thee but ironclad gates for me. 

Your support is crucial in helping us defeat mass censorship. Please consider donating via Locals or check out our unique merch. Follow us on X @ModernityNews.

* * *

After a long weekend of kinetic and verbal escalation (and a strong payrolls print), and with President Trump reminded Iran that his deadline for a deal looms, it is no surprise that oil prices are higher in early trading...

WTI topped $115...

Near post-war highs...

And despite the recent hope-filled decoupling of oil and stocks...

...S&P futures also weak, down around 0.7% in the early trading...

Treasury futures and gold are lower with USD/JPY near 159.70.

While the Iran conflict has established an ongoing state of caution in the market, several significant data points yet lie ahead: PCE on April 9, CPI on April 10, and FOMC on April 29.

As SpotGamma notes, the SPX Term Structure has returned to contango — which means options are pricing in higher volatility in the weeks ahead than in the near term.

Comparing that curve with Forward IV shows a meaningful spread around both the CPI and FOMC dates, suggesting current positioning may not fully reflect the event risk those catalysts could bring. Between negative gamma, the IV-RV flip, and a still-steepened vol curve, the data suggests traders should remain alert.

In a move that may well have been sponsored by Dario Amodei or Elon Musk, Iran's Islamic Revolutionary Guard Corps (IRGC) issued a clear public warning to the US that any damage inflicted on Iran’s power infrastructure will be met with decisive retaliation. Specifically, IRGC spokesperson Brigadier General Ebrahim Zolfaghari threatened the “complete and utter annihilation” of U.S. and Israeli facilities, with Stargate's $30 billion "hidden" AI datacenter in Abu Dhabi singled out as a juicy target for Iranian destruction later in the video.

The threats come on the heels of Iran reportedly delivering enough damage via rocket strikes to some Amazon AWS data centers that they have shut down.

Iran leveling up
They released a video of threatening to strike 1GW Stargate AI datacenter in the UAE.

The data center is hidden on Google maps they even shown that pic.twitter.com/LuOGIp3BVj

— Furkan Gözükara (@FurkanGozukara) April 3, 2026

In the video, Zolfaghari warned that “should the USA proceed with its threats concerning Iran’s power plant facilities the following retaliatory measures shall be promptly enacted: All power plants, energy infrastructure, and information and communications technology of the Zionist regime, and all similar companies within the region that have American shareholders shall face complete and utter annihilation.”

As Tom's Hardware notes, after Zolfaghari's remarks end, the video switches to a shot of the Earth from space, which zooms into Abu Dhabi on Google Maps. A zone not far from the coast is then centered on, showing an apparently ‘empty’ area of desert. However, a message is overlaid on this bleak view, stating “Nothing stays hidden to our sight, though hidden by Google.” The video then switches to a ‘night vision’ view of the same area of the map with the full extent of the Stargate AI datacenter in Abu Dhabi clear to see.

The threat comes after the IRGC claimed they targeted Oracle's data centers in Dubai.

IRAN'S REVOLUTIONARY GUARDS SAY THEY HAVE TARGETED ORACLE'S DATA CENTER IN DUBAI - STATE MEDIA

— Phil Stewart (@phildstewart) April 2, 2026

There has been no confirmation whether the facility was hit or what damage it may have sustained.

* * *

With the world's attention glued to every headline out of Iran, it is understandable why today's OPEC+ meeting was largely ignored, although with roughly 12% of global oil output throttled at the Strait of Hormuz, it's not as if even OPEC+ could do much to offset the supply shock. 

Earlier on Sunday, the oil-producing cartel (where Iran is a founding member yet was missing from the Joint Ministerial Monitoring Committee) warned that damage to Middle East energy assets will have a prolonged impact on oil supply even after the Iran war ends, as it approved a symbolic increase in output quotas for next month.

“Restoring damaged energy assets to full capacity is both costly and takes a long time,” the group’s ministerial monitoring committee said in a statement after meeting on Sunday. Any action that jeopardizes security of supply, whether that’s an attack on energy infrastructure or disruption of export routes, increases market volatility and weakens OPEC+’s efforts, OPEC+ said.

Rhetoric aside, the oil producers led by Saudi Arabia and Russia agreed to increase targets for May by about 206,000 barrels a day during today's video conference. The modest rise that will largely exist on paper as its key members are unable to raise production due to the U.S.-Israeli war with Iran. Saudi Arabia and Russia saw the biggest output increases, 62 kbpd each. 

Here is the statement released by the OPEC+ JMMC:

The Joint Ministerial Monitoring Committee (JMMC), comprising Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Nigeria, Algeria and Venezuela holds its 65th Meeting via videoconference 

The JMMC reviewed current market conditions and emphasized the essential role of the Declaration of Cooperation (DoC) in supporting the stability of global energy markets. In this context, the Committee highlighted the critical importance of safeguarding international maritime routes to ensure the uninterrupted flow of energy.

It also expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability. Accordingly, the Committee stressed that any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and weaken the collective efforts under the DoC to support market stability for the benefit of producers, consumers, and the global economy.

In this regard, the Committee commended the DoC countries that took the initiative to ensure the continued availability of supplies, particularly through the use of alternative export routes, which have contributed to reducing market volatility. 

The JMMC will continue to closely monitor market conditions and retains the authority to convene additional meetings or request an OPEC and non-OPEC Ministerial Meeting, as established at the 38th ONOMM held on 5 December 2024. 

The next meeting of the JMMC (66th) is scheduled for 7 June 2026.

The OPEC+ quota increase of 206,000 bpd ?represents less than 2% of the supply disrupted by the Hormuz closure, but it signals readiness to raise output once the waterway reopens, OPEC+ sources have said. Consultancy ?Energy Aspects called the increase "academic" as long as disruptions in the strait persist. To be sure, OPEC members will be delighted to boost output and take advantage of surging oil prices with Brent now around $110, the highest in 4 years, maximizing revenue while prices are this high before either supply surges or demand destruction sends the world into a recession, with both outcomes leading to a plunge in oil prices. 

Oil prices have soared after five weeks of conflict, with Brent climbing to almost $120 a barrel last month and some regional Asian benchmarks briefly hitting a record above $170 before reversing, as key Middle East energy assets came under attack and Iran effectively closed the critical Strait of Hormuz, creating what the International Energy Agency called the biggest supply disruption in the history of the market. 

“The real story is not OPEC+ policy, it is the Strait of Hormuz,” said Jorge Leon, head of geopolitical analysis at Rystad Energy. “In a market where up to a fifth of global oil flows through Hormuz, disruptions there largely outweigh any incremental increase the group can announce.”

Before the conflict erupted, eight major nations from the Organization of the Petroleum Exporting Countries and its partners had been gradually restoring supply halted back in 2023. They held production steady for the first three months of this year, then on March 1 - a day after the initial US and Israeli strikes on Iran - they agreed to a small increase of 206,000 barrels a day for April. One month later, they agreed to repeat that same action. 

“We will monitor the situation and take all necessary measures to balance the market,” Russian Deputy Prime Minister Alexander Novak said in an interview with state television channel Rossiya 24 on Sunday. “The market is clearly unbalanced. This has a significant impact on demand globally, not only in the energy markets but also in the economy and the final supply.”

Producers around the Persian Gulf such as the Saudis, the UAE and Iraq have cut oil output by about 10 million barrels a day, equivalent to roughly 10% of global supplies, the IEA said in mid-March. Even once the fighting stops, it’ll take time to bring tankers to ports and bolster production again, and it’s unclear what Iran’s future influence over Hormuz traffic might be. The nation is currently exerting considerable control over shipping through the chokepoint, setting up a tolling system and giving preferential treatment to vessels from countries it deems friendly.

While Gulf producers are being affected by the Middle East conflict, the global oil market also faces supply disruptions in Russia. The OPEC+ member has seen its energy infrastructure targeted by Ukrainian attacks, and its Primorsk and Ust-Luga export terminals on the Baltic Sea have been crippled.