European Airlines Face Fuel Shortages Within Weeks
If tankers do not soon begin crossing the Strait of Hormuz, airlines in Europe may not have enough jet fuel to operate all of their flights.
If tankers do not soon begin crossing the Strait of Hormuz, airlines in Europe may not have enough jet fuel to operate all of their flights.
Oil markets shrugged it off, but the effort to hurt Iran could provoke retaliation that inflicts more damage on energy assets and the global economy.
Fatih Birol, the leader of the International Energy Agency, said the Iran war was a bigger crisis than the two oil shocks in the 1970s combined.
Attacks on oil and natural gas facilities this week could make it much harder for Persian Gulf countries to rebuild and restart production when the war eventually ends.
Geography and regional rivalries have prevented Gulf countries from finding a true alternative to the strait, which the war with Iran has effectively shut down.
Governments have stockpiled oil, and cars are more efficient but the supply shock is global, and there’s no sense of when it’ll end.
With attacks and threats, Tehran is using the world’s most important transit point for oil and gas as leverage against its enemies.
Conflict is forcing producers to slash production and close ports as Iran steps up attacks on energy infrastructure.
The United States and Israel launched more strikes against Iran, where crowds mourned military commanders killed in the war. Israel also bombed targets in Lebanon, where the death toll climbed.
The members of the International Energy Agency will release 400 million barrels of oil, the largest such coordinated action on record.