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A trio of European energy CEOs has sounded a warning over energy supplies, amid the ongoing conflict in Iran and restricted access through the strategically vital Strait of Hormuz.
Amid volatile trade, crude prices have surged around 40% in recent weeks, at one point approaching $120 a barrel as investors raised concerns over a potential lack of supply.
Those concerns have been felt particularly in Asian countries so far, with the Philippines announcing an energy emergency, while South Korea says it is preparing for “worst-case scenarios.”
Japan’s Prime Minister Sanae Takaichi has asked the International Energy Agency to consider an additional release from global crude stockpiles, with the global energy watchdog having already coordinated the release of 400 million barrels of oil amongst member countries.
