Fresh uncertainty around the Strait of Hormuz over the weekend compounded concerns over global energy supplies ahead of a busy travel season.
Even if the waterway were to reopen, it’s unclear how quickly insurance rates would come down, and tankers would still need several weeks to complete their journeys, Semafor’s climate and energy editor noted.
Air travel, in Europe in particular, could become chaotic as jet fuel shortages are expected to persist for months, experts said.
Asia is already feeling the pressure: India’s chief economic adviser told Semafor World Economy that in an optimistic scenario, the energy market wouldn’t normalize until October, while Bangladesh has raised fuel prices by 10% to 15%.
Pakistan is dealing with regular blackouts.
