Oil prices remain well below previous crisis levels, but energy executives and traders warn that the world is approaching a tipping point, with some predicting that oil prices will rise to USD 100 within days.
This is reported by the authors of the Bloomberg AI magazine.
According to their information, ship traffic through the Strait of Hormuz has virtually stopped, and the number of empty oil supertankers in the Persian Gulf is decreasing, which accelerates the moment when production will have to be reduced.
Physical energy markets are already showing signs of tension, with refinery cuts in the Middle East and Asia leading to sharp increases in prices for products such as diesel and jet fuel.
A week after one of the biggest disruptions to global energy markets, oil prices remain well below previous crisis levels. But a growing number of energy executives and traders are warning that every day the war rages brings the world closer to a tipping point — some predict oil prices could hit USD 100 within days.
Shipping through the Strait of Hormuz has virtually ground to a halt, making what was long seen as a worst-case scenario for energy markets a reality. The number of empty oil supertankers in the Persian Gulf is dwindling, accelerating the need to cut production.
Ship-tracking data compiled by Bloomberg
While oil and gas prices have risen this week, they remain well below the highs seen immediately after Russia’s invasion of Ukraine. There were signs on Friday that the initial calm in the oil market was dissipating somewhat, as Brent crude prices soared above USD 90 a barrel, bringing their gains to more than a quarter this week. However, executives at four major trading houses, who asked not to be named, said the market was still too complacent about the likely impact of a prolonged closure of the Strait of Hormuz, and predicted prices could reach USD 100 within days unless there was some de-escalation in hostilities.
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This is such a damn lash-up.
Surely before embarking on this huge war, Krasnov’s advisers wargamed the effects it would have on the global economy if oil prices shoot up and stock prices go down?
Stocks already down 9% + in one week and oil going God knows where?
FFS.
Having started this shit, Krasnov must surely now take full control of Iran’s energy in double quick time to prevent a global downturn/catastrophe.
He thinks it’s doable, but is it?
Nuking Iran is the only way out imho.
The fat stupid idiot probably ignored the advisers with sense and instead listened to the fools, like he always does. The high gas prices are not going down too well with the American people, including the maga morons.