business ⛽ Oil Risk Lowers as LNG Stays Tight
Peace and stable oil flow through the Strait of Hormuz are still uncertain in the short term. Only seven vessels passed through the strait on Wednesday, significantly below the recent 10-day average. In 2019, this strait handled about 20% of the world’s daily crude oil and LNG supply. Saudi Arabia is offsetting shortages via other transport like the restarted East-West pipeline. Globally, natural gas remains tight due to Qatar's LNG capacity drop by 17% after recent attacks.