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Oil Crisis
Oil producers in the Gulf region have lost an estimated $15.1 billion in energy revenues since the launch of the US-Israeli strikes on Iran, the Financial Times reported on Friday, citing estimates by analytics firm Kpler. The US and Israel conducted coordinated strikes on the Islamic Republic in late February, triggering Iranian retaliatory attacks across the region. The escalating crisis effectively shut down the Strait of Hormuz – a critical route that handles roughly one-fifth of the world’s daily oil and gas supply – as Tehran barred ships from non-friendly nations, sending global crude prices soaring nearly 50% to $120 per barrel. The Strait of Hormuz is estimated to carry around $1.2 billion worth of crude oil, refined products, and liquefied natural gas (LNG) daily, based on average prices and volumes recorded last year. According to Florian Gruenberger of Kpler, as cited by the FT, current flows through the waterway are “negligible” compared with ...
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