Iran’s top negotiator says both sides remain far apart after Tehran again closed strait of Hormuz after US said it would not end its blockade
Full report: Iran closes strait of Hormuz again ‘until US lifts blockade’
The world has lost more than $50bn worth of crude oil that has not been produced since the Iran war began nearly 50 days ago, according to analysts and Reuters calculations. The aftershock of the crisis is expected to be felt for months and even years to come, they say. Since the crisis began at the end of February, more than 500m barrels of crude oil and condensate have been knocked out of the global market, according to Kpler data – the largest energy supply disruption in modern history.
Those 500m barrels of oil lost to the market are equivalent to curtailing aviation demand globally for 10 weeks; no road travel by any vehicle globally for 11 days; or no oil for the global economy for five days, said Iain Mowat, principal analyst at Wood Mackenzie.
It also nearly equals a month of oil demand in the US, according to Reuters estimates.
