Why the Middle East war still convulses the oil market – Report
About 20 million barrels per day of crude traverse the Strait, roughly a quarter of global oil demand, making the current supply shock “the biggest disruption in history,” according to McNally.“What really shakes the market are surprises… and the Hormuz closure was a shock,” said Jim Burkhard, head of global energy crude oil research at S&P Global.– The ‘shock’ of Hormuz – While the potential vulnerability of the Strait of Hormuz has long been viewed as a risk, oil markets have still been caught off guard by Iran’s ability to largely close the crucial waterway.
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