How the World Adapted to the Strait of Hormuz Crisis
Despite the US-Iran war disrupting roughly 20 million barrels of oil a day flowing through the Strait of Hormuz, markets proved more resilient than many expected. A special report from Bloomberg Intelligence examines how the world adapted and whether the crisis marked a turning point for global supply chains. BI's Will Hares has the details. (Source: Bloomberg)
The world adapted to the crisis in the Strait of Hormuz, a vital channel for international commerce and the energy trade, which was disrupted by the US-Iran war. According to Bloomberg, markets proved more resilient than expected despite around 20 million barrels of oil a day being affected.
China and Jordan issued a joint statement calling for the reopening of the strait to shipping and a ceasefire between the US and Iran. They also sought a "comprehensive solution" to the tension through dialogue and negotiation, with full respect for regional countries' sovereignty and territorial integrity, Reuters Business reported.
The crisis has had a significant impact on global supply chains, but details on the full extent of the disruption and the world's adaptation to it are limited. Bloomberg Intelligence released a special report examining how the world adapted to the crisis and whether it marked a turning point for global supply chains.
Brief written by urgent.news from Bloomberg, Reuters Business via SCMP — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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