The Global Oil Supply Crisis has become the biggest concern in the world today, as the ongoing tension between the United States and Iran is now directly affecting the oil market. Recently, Donald Trump extended the US-Iran ceasefire indefinitely, but at the same time the naval blockade on the Strait of Hormuz has continued. This is the same route where about 20% of the global oil supply passes through, so that even every small event can have a massive impact on the GLOBAL OIL SUPPLY.
According to reports, Iran is claiming about $500 million in oil revenue losses a day. Under this pressure, the United States is developing a strategy to weaken Iran economically. But despite the ceasefire, Iranian-linked forces have attacked at least two cargo ships, clearly indicating that the situation is not yet under control.
If we talk about proof, the International Energy Agency (IEA) and many global trade reports clearly state that the Strait of Hormuz is the most important chokepoint of the worldβs oil supply. If this path is affected, oil prices immediately start to rise. Recent data also shows that oil prices have rebounded slightly, directly indicating the volatility of GLOBAL OIL SUPPLY.
There are also reports of differences between the IRGC (Islamic Revolutionary Guard Corps) and the government negotiating team inside Iran. This internal disagreement is also exacerbating the crisis. Trump made it clear that if Iran does not respond in a unified manner within days, the ceasefire could end. It seems clear from the statement that the tension is not going to end yet.
Another important point is that the US missile stocks have also been used up significantly in the 54-day conflict. This can also be a strategic weakness, which will affect decision making in the future.
As a whole, Global Oil Supply Crisis is currently in a very sensitive position. If the attacks continue or the blockade stretches longer, petrol and diesel prices could rise sharply around the world. Especially countries like India, which are dependent on oil imports, will be directly affected.
Finally, it would not be wrong to say that this is not just a US-Iran issue, but an issue related to the entire world economy. Until the Strait of Hormuz is fully secured, the Global Oil Supply Crisis will continue to be threatened.
