"Brent crude climbed sharply back towards $100 a barrel on Thursday after Iran moved to close the Strait of Hormuz, sending a clear signal that the fragile Middle East ceasefire was already fracturing."
"Iran's decision to shut the strait, through which roughly a fifth of the world's oil and gas passes, came in direct response to Israeli airstrikes on Hezbollah targets in Lebanon, which Tehran condemned as a breach of the ceasefire agreement."
"Sultan Al Jaber, chief executive of Abu Dhabi's state oil company Adnoc, made clear that Iran was using passage through the waterway as a tool of political leverage rather than respecting freedom of navigation."
"Nigel Green, chief executive of the financial advisory group deVere, pointed out that a fifth of the world's oil supply continues to move through a corridor effectively controlled by one of the belligerents."
Brent crude oil prices rose sharply to $98.61 a barrel after Iran closed the Strait of Hormuz, indicating a breakdown in the ceasefire. This closure, a response to Israeli airstrikes, threatens global energy security. Sultan Al Jaber criticized Iran for using the strait as political leverage, impacting businesses reliant on stable supply chains. Concerns were echoed by Nigel Green, highlighting the vulnerability of SMEs facing high energy costs. Stock markets reacted negatively, with major indices in Europe and Asia experiencing declines following the news.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]