#fuel-shortage

#fuel-shortage

The energy shock from the Iran war pushed consumer prices to their highest level in nearly two years, with the Consumer Price Index rising 3.3 percent from a year earlier.

Petrol stocks averaged 44-47% across the country before the conflict, but fell to between 36-43% in the weeks following February 28, hitting a low of 36% on March 4, 6, and 7.

Many long-haul truckers in China have a tight budget and live frugally on the road, sleeping and cooking in their vehicles. The pain at the pump is forcing some drivers to rethink their lives.

Iran is demanding that oil tankers crossing the Strait of Hormuz pay transit tolls in Bitcoin at a rate of $1 for every barrel of oil on board. A fully loaded supertanker carrying 2 million barrels would need to pay roughly $2 million in crypto before it can pass through.

A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.

"The big recent changes are the war causing spikes in diesel, fertilizer, and chemical prices," Jeffrey Dorfman explained, highlighting the direct impact of the conflict on agricultural costs.

The key to getting the most miles out of each gallon is driving efficiently. That means smooth acceleration, soft braking and slowing down. Cars tend to be the most fuel efficient when driven at about 50 miles per hour.

"About 18 percent of stations are missing at least one type of fuel," the Deputy Minister said on French media RMC/BFMTV.

The CPI data due this month will be the first hard measure of American consumer prices since the Strait of Hormuz became a conflict zone, and every early signal points to a number that will shock people who stopped paying attention to energy transmission mechanisms after 2022.

"The surge in petrol prices, which has risen by more than 17 percent since the conflict began, is largely driven by disruptions to global supply routes, particularly through the Strait of Hormuz, a critical chokepoint for international oil shipments."

Japan will release starting in early May the equivalent of roughly 20 days' worth of oil from the national reserves to ensure the stable supply of crude oil.

Major indices, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, all recorded gains, with the Nasdaq delivering its strongest weekly performance since November.

There's no doubt that what's happening now is an order of magnitude bigger - in terms of potential fallout for oil markets - than Russia's invasion of Ukraine. The global benchmark Brent crude is trading around $88 Friday morning, up roughly $16 since military strikes against Iran began.

It may be too late for Trump to negotiate from a position of strength with Iran. The conflict has raised the risk of a worldwide recession.

The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.