The disruption to shipping through Strait of Hormuz is not just energy shock, but a whole economy story; and while direct damage to energy infrastructure exceeds $60 billion, lost revenue and trade loss will be above $150 billion, Crescent Petroleum CEO has said.
Despite ongoing disruption to oil flows through the Strait of Hormuz and continued uncertainty surrounding the conflict involving Iran, OPEC has maintained its forecast for global oil demand growth, citing no evidence of a slowdown in consumption.
Qatar expects to restore normal liquefied natural gas (LNG) production within weeks, Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani told the Financial Times.
The United States has granted Iran a 60-day sanctions waiver allowing Tehran to sell oil in US dollars for the first time in decades, marking a significant breakthrough in efforts to secure a lasting peace agreement following the recent conflict in the Middle East.
Global energy markets faced their worst supply shock after the near-closure of the Strait of Hormuz cut flows from 20 million to 2.7 million barrels per day, driving record price spikes and prompting emergency stock releases and global supply adjustments, according to International Energy Agency (IEA).
Oil prices surged on Monday after US President Donald Trump threatened renewed military action against Iran and warned that Washington could "take over" the Strait of Hormuz if ongoing negotiations with Tehran fail, reigniting concerns over global energy supplies.
The United States and Iran have agreed on a roadmap aimed at reaching a comprehensive peace agreement in 60 days, marking a significant step forward in efforts to end hostilities despite renewed tensions over the Strait of Hormuz.
Iraq is preparing to expand crude oil and naphtha exports through Syrian ports as it moves to diversify trade routes after the Iran war disrupted its main Gulf shipping channels and effectively closed the Strait of Hormuz.
Iraq expects to return oil production from its southern fields to levels exceeding three million barrels per day within one to two months, Iraq's state news agency reported.
Nearly one billion people living in the world's most vulnerable economies could face higher living costs, inflation and slower growth as disruptions in the Strait of Hormuz drive up global oil prices, the United Nations Conference on Trade and Development (UNCTAD) has warned.
