Oil Pressure from War and Sanctions
The article discusses the impact of Iran's war on the global oil sector, with a focus on Qeshm Island, which serves as a vital passage for Iranian oil. Despite tensions and risks, Iran affirms that oil operations on the island are ongoing and that the conditions there are calm, amidst warnings of a possible escalation in the region. Data indicates that Iran supplied approximately 2.5% of the world's oil supplies in July, with exports declining due to sanctions, especially to China. Iran also controls the world's largest natural gas reserves in the South Pars field, which has been targeted by previous attacks. Due to sanctions and conflicts, much of this gas is used domestically, but with massive capacities that could meet global demand for 13 years.
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