Vitol cautions on Iran war risk in oil market
Vitol has stated that the oil market is reducing its estimate of some of the risks associated with the Iranian war, despite the closure of the Strait of Hormuz and attacks on energy facilities leading to the withdrawal of about 14 million barrels from market supplies, the largest oil crisis in history. After prices surged to $126 per barrel, they have now fallen to around $95, with expectations that crude oil may return to the market, but compensating for the shortage over the remainder of the year will be difficult. The repercussions highlight that the US sanctions on Iran have led to a decline in exports and the storage of supplies in the Gulf.
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