Strait of Hormuz reopens but 1.15 billion barrels of oil supply lost during conflict
By
David Goldman
7h ago· 7 min readenNews
Summary
The article reports that while the Strait of Hormuz has reopened after a US-Iran agreement, the global oil market is in crisis after nearly four months of disruption. According to analytics firm Kpler, 1.15 billion barrels of oil supply were lost during the conflict, leaving the market in a precarious state and approaching a breaking point.
Source
bskyStrait of Hormuz reopens but 1.15 billion barrels of oil supply lost during conflictcnn.comKey quotes
· 5 pulledThe good news: The Strait of Hormuz is open again, after Iran and the United States signed a memorandum of understanding this week.
The bad news: It may be too late.
Oil hasn't been coming out of the Middle East for nearly four months.
All told, the world lost 1.15 billion barrels of oil supply during the war, according to analytics firm Kpler.
That has left the oil market in a precarious state, and it's rapidly approaching a breaking point.
The good news: The Strait of Hormuz is open again, after Iran and the United States signed a memorandum of understanding this week.
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