Oil prices do not reflect the true scale of the worst crisis in history – Bloomberg

Current oil prices do not fully reflect the consequences of the war in Iran and the closure of the Strait of Hormuz, which has already resulted in the loss of one billion barrels of supply. Analysts at Trafigura Group predict that this figure could rise to 1.5 billion barrels if the armed conflict continues. 

Bloomberg reports this, citing statements by leading energy market experts during a summit in Lausanne.

Brent crude futures are showing significant volatility and are currently trading at around $95 per barrel, despite the fact that due to the shortage, reserves risk reaching a critical low within a month. Experts at Energy Aspects suggest that even if the conflict de-escalates, logistics through the Strait of Hormuz may not return to pre-war levels. While the global market remains caught between perception and reality, Russia and other exporting countries are facing significant difficulties in planning logistics routes amid global instability.

The conflict between Iran, the U.S., and Israel has triggered an unprecedented global energy crisis.

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