Russia: Extremely dangerous disruptions in the energy market as a result of the Iran war
Peskov said during a media briefing: "The energy market is currently facing very serious disruptions due to the war around Iran, and naturally these disruptions make it difficult for everyone to predict developments in the markets.".
Greater impact
For its part, Goldman Sachs announced yesterday that the biggest shock to the oil market ever, resulting from the war in the Middle East, is likely to have a greater impact on petroleum products such as jet fuel and diesel, compared to crude oil.
“Prices for many refined products have risen much more than crude oil prices,” analysts Yulia Gestkova-Grigsby and Dan Stroeven wrote in a note.
They added that severe disruptions in the supply of what is known as medium and heavy oil pose a risk of reduced production of diesel, jet fuel and fuel oil.
Costs doubled
Global energy markets have been thrown into turmoil by the US-Israeli war against Iran, which broke out late last month.
The conflict led to a near-complete halt in oil and product exports through the Strait of Hormuz, as well as attacks on energy infrastructure across the region. This forced oil producers to reduce production and shut down some refining operations.
Although crude oil prices have risen by more than 40% since the start of the attacks, with Brent crude surpassing $100 a barrel, some products have seen much larger increases.
In parts of Asia, fuel costs have nearly doubled in recent days, with South Korea following China and Thailand in imposing export restrictions to protect domestic markets.
