#energy-prices

#energy-prices

The CPI data due this month will be the first hard measure of American consumer prices since the Strait of Hormuz became a conflict zone, and every early signal points to a number that will shock people who stopped paying attention to energy transmission mechanisms after 2022.

Dale Vince stated, 'We can ban exports from the North Sea. China have done it,' emphasizing the need for prioritizing domestic consumption during fuel shortages.

"A more decentralized energy system, with a growing share of renewables and more market players, is structurally more resilient. Countries that invested in the energy transition are weathering this crisis with less economic damage, as they boost energy security, resilience and competitiveness."

We, the Ministers of Foreign Affairs of Belgium, Croatia, Estonia, Finland, Iceland, Italy, Ireland, Latvia, Luxembourg, Moldova, Norway, Poland, San Marino, Spain and Sweden, concerned by the conflict in the Middle East, are appalled by the dramatic situation and renewed escalation of violence in Lebanon, where there are already 1.2 million internally displaced persons, representing some 25% of the overall population.

The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.

Australia's economic insulation is no longer guaranteed by geography, as geopolitical unrest in the Middle East can swiftly impact its economy through international energy markets.

KeyBanc's revised oil deck reflects a materially stronger crude environment than previously modeled, with dislocations in global crude and refined products expected to persist into summer.

Fuel price rises in March were the highest on record, adding an unprecedented 11 to the cost of filling up an average vehicle. The average cost for a litre of unleaded petrol rose by 20p in the month following America's strikes on Iran.

India has not received a cargo from Tehran since May 2019, following US pressure not to buy Iranian crude. New Delhi has turned to Tehran for energy supplies as the Iran war rattles supply.

It may be too late for Trump to negotiate from a position of strength with Iran. The conflict has raised the risk of a worldwide recession.

On Thursday morning, the price of Brent crude oil rose by around 7 per cent, surpassing 114 US dollars per barrel and bringing it close to its highest level since the conflict intensified at the end of February. The dramatic spike in oil prices followed a report from Qatar indicating that Iranian missile strikes had targeted its liquefied natural gas (LNG) facility at Ras Laffan.