Energy traders will likely charge a ‘risk premium’ for some time
The bulk carrier ‘Adventure’ docked at Fujairah in the UAE yesterday. Photo: Reuters
Even if a lasting peace deal is struck between Iran and the US this week, it will be months before oil shipped through the Strait of Hormuz reaches European refineries – and potentially years before global output of finished fuel returns to pre-war output levels, experts are warning.
Oil prices fell below $100 a barrel yesterday, at least for a period, on growing expectations of a breakthrough in peace negotiations between the US and Iran.