🚨
Iran has now started attacking major oil refineries like Saudi Aramco.
Crude oil is up 5.81% in just the last 6 hours.
Natural gas is up 4.45% in the last 6 hours.
European gas prices jumped 25% at the market open. Dutch TTF is now above €38.44 per megawatt-hour.
The Strait of Hormuz is effectively blocked, with 20 million barrels of oil and 20% of the world’s gas now stuck.
Shipping is in total chaos as insurance costs have jumped 50%, forcing companies like Maersk to avoid the area and send ships on a much longer route around Africa.
With only 13% of Gulf oil able to bypass the Strait via pipelines, we are looking at a massive shortage that could push prices much higher than they are now.
It is a total collapse of the global energy supply chain.