#oil-refinery-crisis

#oil-refinery-crisis

The IEA sees global oil demand falling by 80,000 barrels per day this year, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report.

"We just have not kept up with water supply and water infrastructure like we should have. And it's decades in the making," said Peter Zanoni, the city manager since 2019.

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 thinktank warned on Monday that surging gas, electricity and petrol prices had fundamentally altered the outlook for living standards in 2026. Before the Iran war erupted in late February, working-age households were tracking towards modest income growth of 0.9 per cent. That figure has now swung to a projected decline of 0.6 per cent, a turnaround worth £480 per household.

The International Monetary Fund (IMF) has lowered its global economic growth forecast as tensions between the United States and Iran have driven up energy and food costs globally. The IMF expected the global economy to grow by 3.1 percent this year, a slowdown from its earlier forecast of 3.3 percent.

The Panama-flagged Peace Gulf, a medium-range tanker, is heading to Hamriyah port in the United Arab Emirates, typically moving Iranian naphtha to non-Iranian ports for export to Asia.

Brent crude, the international benchmark, rose more than 8 percent on Sunday to top $103 a barrel, marking the first time it exceeded the $100 threshold since Tuesday.

Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict.

Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.

Refiners will soon start the switch to so-called summer blends, which don't vaporize as easily, to meet air pollution requirements. It's more expensive and time-consuming to create fuel that's resistant to evaporation, explains Aixa Diaz, an AAA spokesperson. What's next: The seasonal cost rise typically starts at the end of February or early March as "spring break season kicks off and refineries start production of summer-blend gasoline," Diaz said via email.

After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.