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'Nightmare scenario' looms as global markets head for the biggest oil output disruption in history, top energy guru warns
Iran's attacks have shut the Strait of Hormuz, triggering a 36% crude price surge and historic oil production cuts by Persian Gulf producers, S&P Global's Daniel Yergin said.
6 Articles
6 Articles
The closure of the world oil highway, the Strait of Ormuz, is the worst scenario ever envisaged by economists, but the world economy has already managed to pass through several major oil crises without too much harm.
A top energy expert details why he thinks global energy markets can withstand surging oil prices
David McNew/Getty ImagesOil prices have spiked above $100 per barrel, causing fear in markets. Energy economist Daniel Yergin thinks the global economy is robust enough to withstand the latest shock.He said the disruption is historic, but the energy market is more diversified than in the past. The US-Iran war has caused a significant disruption in the global oil market, sending prices to $100 per barrel, but one top energy expert thinks the worl…
Looks Like the Economy Is Hitting a "Nightmare Scenario"
Tankers in the Strait of Hormuz have ground to a halt, cutting off much of the world from vital oil supplies due to the United States’ war on Iran. Dwindling supplies and cut output by oil producers are sending rippling effects across global markets. As S&P Global vice chair Daniel Yergin argued in a Financial Times essay, it’s looking like a “nightmare scenario” is now unfolding as skyrocketing oil prices “send the world economy plummeting into…
The soaring oil price will lead to higher costs at Swedish pumps already this week. But oil is the bedrock of the entire global economy and the disruptions could eventually lead to everything from higher inflation and rising interest rates to a declining economy. – A total stop from the Gulf is the nightmare scenario that has been practiced for decades, says analyst Samuel Ciszuk.
For over a week, the street of Hormus has been closed, and no end in sight. The decade-feared nightmare scenario is becoming more and more a reality.
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