Energy Daily

Iran-US Skirmishes Only Enlarge the Oil Supply Gap

With every day that the war drags on, the shortfall gets bigger and a market reckoning draws nearer.
Vessels anchored in the Strait of Hormuz off Bandar Abbas in southern Iran. The waterway has been all but closed for two months.

Photographer: Amirhosein Khorgooi/ISNA/AFP/Getty Images

Lock
This article is for subscribers only.

Welcome to our guide to the commodities driving the global economy. Today, Oil Europe Team Leader Alaric Nightingale takes stock of the market after a day of clashes involving shipping in the Strait of Hormuz and missile attacks on the United Arab Emirates.

With the Iran war now in its 10th week, the oil-supply black hole is growing and the chances of a swift return to normal are becoming ever-more remote.