Iran announced on Wednesday that it had attacked 10 ships near the Strait of Hormuz in retaliation for the U.S. sinking five Iranian oil tankers. This escalation has pushed Brent crude prices above $100 a barrel, with casualties reported among seafarers. The U.S. military responded by targeting Iranian vessels.
In August, Saudi Arabia’s crude oil exports plummeted to their lowest in nearly nine years, averaging about 3 million barrels per day. This decline is attributed to buyer hesitations due to heightened attacks on vessels by Houthi militants, further strained by recent military tensions in the region, impacting global supply chains.
The International Energy Agency (IEA) has revised its oil supply and demand forecast due to renewed conflicts around the Strait of Hormuz, disrupting Gulf exports. Regional oil production increased but remains significantly below pre-war levels. Demand estimates have also declined, with global inventories plummeting and market stability threatened.
Following Stories compiled in this News Digest for the week from 31 Jan 2022 to 06 Feb 2022 in descending…
