BUSINESSSEMAFOR
Global oil, fuel markets ill-prepared for continued Iran war
Global oil and fuel markets are unprepared for a resumption of US-Iran conflict, with Western crude stockpiles near historic lows and rising oil prices. Analysts warn of potential shortages in diesel, gasoline, and jet fuel due to damaged Middle East refineries and reduced Russian refining capacity.
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- IEA warns of petrol and diesel supply crunch
- As Hormuz opens, oil markets are awash in supply
- Chevron CEO expects air travel disruptions due to jet fuel shortage stemming from Iran war
- Putin shrugs off fuel shortages in Russia as he ramps up attacks on Ukraine