Shell CEO issues warning on Strait of Hormuz
The potential for escalating tensions between Israel and Iran has heightened concerns in energy markets. As Shell takes emergency measures against a possible disruption in the Strait of Hormuz, oil prices and tanker charter rates have risen sharply.
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Shell CEO Wael Sawan stated that global energy trade could suffer a major blow if tensions between Israel and Iran escalate. Approximately 25% of the world's oil passes through the Strait of Hormuz. Sawan announced that Shell has activated crisis plans in response to a potential blockage scenario.
The daily charter rate for supertankers carrying oil from the Gulf to China has risen from 20 thousand dollars to 47 thousand dollars in one week. Meanwhile, the price of Brent crude oil has climbed to 78 dollars. As GPS signal disruptions and threats to maritime security in the region increase, investors have turned to safe havens such as gold and the dollar.