"We're dealing with an enormous supply shock. The paper markets have entirely disconnected from the physical markets, reflecting a mismatch that is affecting the global economy."
"This is the largest oil supply disruption in history, with approximately 17 million barrels of Gulf oil affected each day, leading to unprecedented price increases."
"If the strait isn't reopened and uncertainty about physical damage persists, there isn't much they can do to prevent prices from rising further."
The war in Iran has led to a dramatic surge in global oil prices, with Brent crude reaching $112 per barrel. The closure of the Strait of Hormuz and attacks on energy facilities have disrupted supply chains. Jet fuel prices have exceeded $200 per barrel, affecting airlines and consumers. The International Energy Agency has labeled this the largest oil supply disruption in history, with 17 million barrels impacted daily. The U.S. is attempting to stabilize markets by releasing reserves and considering easing sanctions on Iranian crude.
Read at London Business News | Londonlovesbusiness.com
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