Strategic oil reserves depleting as third Gulf war enters 100th day
By
The Economist
Underproofed. Dense without being substantial.
Summary
The article reports that over 100 days into the third Gulf war, oil markets have remained relatively calm despite renewed hostilities between Iran and Israel. Brent crude prices rose only 1% after ceasefire violations, trading around $93 per barrel—more than $30 below its April peak. However, the article warns that strategic oil reserves cannot hold back the energy crunch forever.
Key quotes
· 4 pulledMORE THAN 100 days into the third Gulf war, oil markets have shielded themselves against bad news on the battlefield.
On June 8th, after renewed strikes between Iran and Israel threatened a shaky two-month ceasefire, the price of Brent crude, the international benchmark, rose by just 1%.
Even after subsequent exchanges between America and Iran, early on June 11th it was around $93 per barrel, more than $30 below its intraday high in April.
They cannot hold back the energy crunch for ever
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