How long can energy markets withstand the Iran war?
Strategic oil reserves and spare capacity are running thin
TWICE now, global oil markets have priced in the closure of the Strait of Hormuz, the choke point through which roughly a fifth of the world’s crude and a third of its liquefied natural gas once flowed, and twice they have priced it back out.
After the war between the US and Iran began, Brent crude briefly spiked past US$120 a barrel.
By June, when a reopened the strait, Brent had fallen to US$72.24, the lowest since the US and Israel attacked Iran on Feb 28.
TRENDING NOW
Fed hike throws Singapore banks a margin lifeline; UOB most likely to feel impact
He built the Vingroup empire. Now South-east Asia’s richest man is handing some key roles to his sons
Real-estate veteran Desmond Sim quits from CEO roles at Realion, ETC
Chagee, Mixue and Luckin won the market. Sustaining their edge is the harder part
