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Restoring oil and gas supply from the Gulf could take six months: IEA chief
Fatih Birol, head of the International Energy Agency (IEA), warns that it could take six months to restore oil and gas flows from the Gulf, the Financial Times reports. Birol says politicians and markets are underestimating the scale of the disruption to oil and gas infrastructure across the Gulf region.
“Some of the damage that’s been caused to facilities for oil and gas production in the region will take years to repair,” Jan Rosenow of the Environmental Change Institute at Oxford University. “That will have an impact in the long run, not just for a few weeks.”
It remains “quite difficult to get oil and liquefied natural gas out of it without passing through the strait”, he noted. “This is a major choke point … and we are feeling those effects really ripple through the economy. I think we’re going to see further price spikes, I’m afraid.”
UK households face higher energy bills: Analysts
Britain’s domestic energy price cap is set to rise by about 20 percent in July, analysts at Cornwall Insight have said, revising their forecast as the US-Israeli war on Iran pushes up wholesale energy costs.
This means that household energy bills could jump by 330 pounds ($442) a year.
War-driven fuel prices are hitting most US households: Poll
Rising gasoline prices are starting to hit the household finances of Americans, a new Reuters/Ipsos poll suggests. Most Americans expect fuel costs will keep climbing as the Iran war restricts global oil supplies, the poll shows.
Petrol prices have jumped by nearly $1 per gallon since the start of the conflict on February 28. Here is what the survey found:
- 55 percent say their household finances have taken a hit from rising fuel costs.
- 87 percent expect prices to rise further in the coming months.
- 63 percent disapprove of President Trump’s handling of living costs.
- 35 percent said Trump is doing a good job managing the US economy.
IEA urges remote work and lower speed limits amid oil shock
The International Energy Agency warns that the Israeli-US war on Iran has triggered “the largest supply disruption in the history of the global oil market”, as shipping through the Strait of Hormuz grinds to a near halt.
In a series of recommendations, the IEA urged governments to cut demand, suggesting remote working where possible and reducing highway speed limits by up to 10km/h (6mph) to ease pressure on global oil supplies.
Trump plans Kharg island occupation to pressure Iran on Hormuz: Report
US President Donald Trump is considering plans to occupy or blockade Iran’s Kharg island to pressure the country to reopen the Strait of Hormuz, US media publication Axios has reported, quoting four unnamed sources.
“We need about a month to weaken the Iranians more with strikes, take the island, and then get them by the balls and use it for negotiations,” one of the sources told Axios.
Another empty threat, it won't open the straight of Hormuz, only ensure more body bags coming back to the US.
Also now selling strategic oil reserves to dampen the price, or is it banking on the investment of storing oil to sell at a higher price in times of crisis... Even if Trump didn't know oil would spike from attacking Iran, those pushing him to war certainly did.
US oligarchs are making bank from the higher oil prices and 'defense' contracts, Israel is driving up its main export of AI targeting and weapons systems.
