""Short-term measures like emergency stockpile releases and removal of sanctions on Russian & Iranian oil on water have been exhausted. Unless Strait of Hormuz transit resumes, the stress in refined products and the shortages we're seeing across Asia will spread, and quickly.""
""We are Wile E. Coyote running off the cliff into midair. The mismatch was on display Thursday, when the spot price for physical cargoes of Brent crude oil hit $141.36 a barrel, the highest level since 2008, while the futures contract for June delivery was $32.33 lower at $109.03.""
""Countries in Asia are already scrambling to ration energy supplies. South Korea imposed a fuel price cap, the first in 30 years. Thailand has capped diesel prices, instructed officials to work from home, and urged citizens to wear short-sleeved shirts.""
Crude oil prices have been volatile amid geopolitical tensions, particularly following the U.S.-Israeli war on Iran. With significant oil supply bottlenecks in the Persian Gulf, energy shortages are escalating. Emergency measures to alleviate these shortages have been exhausted, leading to increased competition for available oil supplies. Countries in Asia are implementing rationing measures, including price caps and fuel purchase limits. The situation is critical, with analysts warning of further energy stress if transit through the Strait of Hormuz does not resume.
Read at Fortune
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