Top Three Oil Traders Warn That Demand Disruption from Middle East Conflict Has Not Peaked

The world's largest oil trader said that demand disruption caused by the Iran conflict is certain to deepen. This suggests that the full economic impact of the conflict may not yet be visible.

Gunvor Group stated on Tuesday that if the critical waterway, the Strait of Hormuz, remains closed for another three months, the lost consumption next month may need to double to 5 million barrels per day, accounting for approximately 5% of global supply, and could potentially trigger a Global Recession.