Expert Warns of Potential Oil Market Crisis Due to Strait of Hormuz Disruption
Paul Sankey of Sankey Research warned that the global oil situation could become a 'disaster' over the next two to three months due to the disruption of the Strait of Hormuz, which affects 20% of global oil supply. The impact is expected to be felt gradually as tankers take time to reroute, with the worst effects anticipated in the next two months. While the average American may feel only psychological effects, lower-income households and countries like Australia are expected to face more severe impacts.
Topics: economic impact energy crisis global trade oil market supply disruption