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Oil prices could soon rise convulsively

The largest supply shock in petroleum history is getting larger fast. Some 2bn barrels, or 5% of the world’s yearly oil supply, have already been lost because the Strait of Hormuz is shut. Every day it remains closed the deficit grows by 14m barrels. Since peace talks between America and Iran have stalled, a reopening still seems many days away.

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TagsThe Economist April American June March Ukraine America First Gulf

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