Hundreds of tankers and cargo ships have been stranded in the Gulf, choking off global oil and gas supplies, for more than three months. (Photo: AFP)
The world’s oil and gas majors have high hopes for a quick reopening of the Strait of Hormuz, but they have few illusions about a return to normal for the Gulf energy industry after more than three months of blockage.Even if the deal between Iran and the United States to end the Mideast war holds, analysts say the old market certainties are gone for good — and the new risks will probably require costly adaptions.
Business as usual?
“A credible reopening of the Strait of Hormuz would be one of the most important developments for the global economy at this juncture,” said Claudio Galimberti, chief economist at Rystad Energy.
The shock of a near-doubling of oil prices since Iran effectively closed off the crucial waterway has fuelled inflation that could persist for months, threatening growth around the globe.
