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❕ Up to $7B per day in losses from Strait of Hormuz blockade
Countries are losing up to $7B per day due to the closure of the Strait of Hormuz, disrupting global supply chains.
The conflict with Iran is already hitting oil shipments to China. Besides Iran, China also imports large volumes from Saudi Arabia. According to FT, Saudi Arabia has around two weeks before it may need to cut oil production.
With exports restricted, Gulf producers are now filling up storage as shipments through Hormuz stall.
#USIranTensionsImpactMarkets #US-IranTensionsRaiseOilPriceRisks
#Oil