Kathmandu. On July 13, the official announcement of the resumption of war between the US and Iran has put pressure on the global market.
According to the Eastspring Investments Weekly bulletin, the flow of crude oil, confirmed by attacks on ships trying to cross the Strait of Hormuz since the war, has dropped from about 12.5 million barrels per day to 5 million barrels per day. Brent crude oil prices have also risen again to $90 a barrel.
The bulletin also noted a reduction in the flow of refined products from the Middle East, as well as a decline in Russian refinery output.
The bulletin also highlighted Iran’s warning, calling the future of the relationship between the US and Iran “highly uncertain”. “If the US attacks Iran’s infrastructure, Iran will press the Houthis to block the Bab al-Mandeb Sea Route to the Red Sea,” the bulletin said. —Agency
