NEW YORK:Further escalation of the conflict in the Middle East could lead to the biggest gas market disruption since 2022, according to Bl...
NEW YORK:Further escalation of the conflict in the Middle East could lead to the biggest gas market disruption since 2022, according to Bloomberg.
As noted, 20% of global LNG supplies pass through the Strait of Hormuz, and after its closure, they were effectively blocked. Asian importers, who receive about a quarter of their LNG from Qatar, have already begun seeking alternative supply routes, the agency said.
Further escalation of the crisis could lead to the most significant disruptions in gas markets since the start of the conflict in Ukraine, Bloomberg said.
On Saturday, Major General Ebrahim Jabari of Iran's Islamic Revolutionary Guard Corps warned that the Strait of Hormuz would be closed to shipping following an attack on Iran. Analysts warned that if this scenario were to unfold, the price of Brent crude oil on London's ICE exchange could jump by almost a third, reaching over $90 per barrel when trading opens on March 2.
However, on Sunday, General Mohsen Rezaei, former commander of the Islamic Revolutionary Guard Corps told the Financial Times that the Strait of Hormuz remains open to oil tankers.
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