Could this energy crisis be worse for the global economy than COVID?

By Adi Imsirovic, Lecturer in Energy Systems, University of Oxford

Despite reports of negotiations between the US and the Iranian regime, the Strait of Hormuz remains effectively closed to most oil tankers, with only a small number of vessels being allowed to pass. The result is a loss of roughly 11 million barrels per day (mbd) of oil and petroleum liquids to the global market. This represents just over 10% of global supply.

At first glance, a 10% disruption may not sound catastrophic. But in oil markets, even a 10%…

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