""Even with a ceasefire in place, the supply side is fragile. The logistical and insurance uncertainties mean that prices are likely to remain elevated for the remainder of the year.""
""The situation is expected to have a knock-on effect on consumers worldwide. In the UK, the cost of petrol and diesel could remain high for months, adding to pressures from rising energy and household bills.""
""Industry commentators warn that the 'powder keg' of the Middle East is far from defused. While the ceasefire provides temporary relief, markets remain on edge as traders weigh how quickly Iran and its neighbours can restore normal operations through the Strait of Hormuz.""
Oil prices are projected to remain around $100 a barrel following a ceasefire in Iran, as global supply disruptions are anticipated to last for months. The Strait of Hormuz, a critical oil shipping lane, is heavily constrained, allowing only 15 ships per day. Analysts warn that reopening the strait will not quickly restore oil flows due to damaged infrastructure and security concerns. Prices are likely to stay elevated, impacting consumers worldwide, particularly in the UK, where petrol and diesel costs may remain high.
Read at London Business News | Londonlovesbusiness.com
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