Will oil prices rise again? Iran blocks the strait, Russia bans refined oil exports
The international energy market has once again been hit by two "deep-sea bombs."
First came Russia. To prioritize domestic fuel supply, the Russian cabinet's ministerial meeting announced on the 27th that starting April 1st, Russia will temporarily ban exports of gasoline, diesel, and other types of fuel, with the ban lasting until July 31st.
Then came Iran. On the same day, the Iranian Revolutionary Guard also declared that, dissatisfied with Trump's falsehoods regarding the opening of the Strait of Hormuz—specifically Trump’s claim that Iran allowing 10 oil tankers to pass was a "gift to the United States"—the Iranian Revolutionary Guard will prohibit any vessels traveling between the U.S., Israel, and their allies and supporters from passing through the Strait of Hormuz.
Undoubtedly, the simultaneous release of these two announcements will add further uncertainty to an already highly tense international energy market, especially Russia’s export ban, which will have more direct impacts.
After Middle Eastern oil exports were obstructed, Russia became a "lifesaving straw" for many countries seeking relief from energy crises. However, Russia's full tightening of refined oil exports now poses a severe challenge for nations lacking refining capacity and reliant solely on imported refined oil—effectively adding insult to injury, as the risk of oil shortages is rapidly approaching.
Original source: toutiao.com/article/1860874334240775/
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