JP Morgan analysts have warned that the ongoing closure of the Strait of Hormuz could significantly reduce crude oil supplies from Iraq and Kuwait within days.
Analysts, as cited by Reuters, predicted that the ongoing Middle East conflict could lead to a cut of 3.3 million barrels per day (bpd) by the eighth day if the Strait of Hormuz continues to be inaccessible.
The Strait, a vital passage connecting the Persian Gulf to the Gulf of Oman, handles about 20% of global oil and liquefied natural gas shipments. Iraq and Kuwait, countries heavily reliant on this route for their crude exports, could face a halt in operations within approximately three to 14 days, respectively. In the event of a prolonged closure, the losses could escalate …Full story available on Benzinga.com
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