Three parts of Iran’s 10-point ceasefire proposal have been violated, Ghalibaf said. The violations are Israel’s continued attacks on Lebanon, the entry of a drone into Iranian airspace, and the denial of the Islamic Republic’s right to enrich uranium, he said.
add on top of that:
estimates are a reduction of 15-25% of global supply and 3-5 years to recover IF the straight is opened immediately and stays open. You can’t print oil ppl. The price per barrel will need to be high enough to squash 15-25% of global demand. We could see $300-350+ per barrel.
We need to see oil prices high enough to squash 95-100% of global demand.
Humans can adapt. We have renewable energy. We’ve had 6 years since covid to build a more resilient, sustainable infrastructure. We didn’t. The world went right back to burning fossil fuels, and then some, and have only accelerated since.
Maybe we need another global supply chain breakdown to force us to make up for lost time. Cause we needed to stop burning fossil fuels a decade ago.
I bet we’ll start seeing a lot more electric cars on the road. Too bad so many manufacturers shut down their production!