Strait of Hormuz reopens but 1.15 billion barrels of oil supply lost during four-month disruption
By
David Goldman
Summary
The article reports on the reopening of the Strait of Hormuz after a U.S.-Iran agreement, but notes that the four-month disruption has already caused the loss of 1.15 billion barrels of oil supply. The oil market is described as being in a precarious state and approaching a breaking point due to the prolonged supply interruption.
Source
bskyStrait of Hormuz reopens but 1.15 billion barrels of oil supply lost during four-month disruptioncnn.comKey quotes
· 4 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.
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