business ⛽ Iran sanctions stress global energy trade
Iran sanctions and Hormuz shipping risks are tightening global fuel supply, causing refined fuel shortages. This situation affects markets worldwide as WTI and Brent oil test key levels, while US natural gas supply remains ample. Chinese imports of Iranian crude dropped to 534,000 bpd this month from 823,000 bpd last month. The larger concern is refined product shortages, compounded by Middle East distillation limits and weak Russian refining. Future market movements depend heavily on the Strait of Hormuz stability and oil price breakouts. ⛽