Strait of Hormuz closure likely temporary, oil price impact to be limited: Fitch

RIYADH: The effective closure of the Strait of Hormuz due to the Israel-Iran conflict is likely to be temporary, with only a limited possibility of the current development drastically impacting oil prices, according to Fitch Ratings. Angelina Valavina, head of natural resources and commodities at Fitch Ratings for the Europe, Middle East and Africa region, said that the global oil market oversupply is expected to limit price rises, and could mitigate any potential disruptions to Iranian oversupply.

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