LIVE | Hormuz Crisis: Oil Shock And Economic Crisis Rivalling 2008 Recession? | Firstpost
The International Energy Agency has issued a stark warning that the global oil market could soon enter the 'red zone' as peak summer fuel demand collides with supply disruptions linked to the Iran conflict. IEA Executive Director Fatih Birol says July and August could prove critical if conditions fail to improve. With emergency oil stockpiles expected to run low by early August and uncertainty surrounding the Strait of Hormuz continuing, analysts fear a major supply crunch. Energy consultancy Wood Mackenzie warns crude oil prices could soar to $200 per barrel in a worst-case scenario. Meanwhile, Rapidan Energy Group says a prolonged disruption could trigger economic consequences rivalling the scale of the 2008 financial crisis.Also on the show:
Dubai Unveils Second $400 Mn Package To Boost Its Economy Amid War Shock
Nepal Political Showdown: PM Balen Shah Faces Resignation Calls, Parliament Chaos
NYC Mayor Zohran Mamdani Offers $50 FIFA World Cup Tickets For Local Fans
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