aljazeera.com
Iran and Ukraine wars: Why ship fuel is running short, and why it matters
What this article backs
- Us Israel War On Iran Strait Of Hormuz Transit
- Iran Attacks On Gulf Oil Facilities Gulf Oil Supply
- Houthi Attacks On Red Sea Shipping Red Sea Shipping Supply Routes
- Ukraine Bombing Of Russian Refineries Russian Oil Refinery Output
- Crude Oil Supply Shortage Fuel Oil Availability
- Refiner Preference For Profitable Fuels Fuel Oil Availability
- Fuel Oil Shortage Global Freight Costs
- Global Freight Costs Consumer And Manufacturer Costs
- Us Israel War On Iran decreases Strait Of Hormuz Transit.
- Iran Attacks On Gulf Oil Facilities decreases Gulf Oil Supply.
- Houthi Attacks On Red Sea Shipping decreases Red Sea Shipping Supply Routes.
- Ukraine Bombing Of Russian Refineries decreases Russian Oil Refinery Output.
- Crude Oil Supply Shortage decreases Fuel Oil Availability.
- Refiner Preference For Profitable Fuels decreases Fuel Oil Availability.
- Fuel Oil Shortage increases Global Freight Costs.
- Global Freight Costs increases Consumer And Manufacturer Costs.
In its own words
less crude is being shipped out from key oil-producing regions, especially the Gulf and Russia. That has meant an overall shortage in supplies of crude. And oil companies aren't prioritising fuel oil as their product of choice.
Attacks by Yemen's Iran-aligned Houthis on shipping in the Red Sea and around the strategic Bab al-Mandeb Strait, one of the world's most important shipping routes, have also disrupted shipping and constrained supply routes.
The US-Israel war on Iran has paralysed key maritime trade routes like the Strait of Hormuz, through which about 20 percent of global oil and gas passed before the start of the war.
Any shortage of this fuel could drive up global freight costs, which could in turn affect consumers and manufacturers of goods and commodities.
Iran has also hit multiple oil facilities in the Gulf in retaliation against the United States.
refiners opting to produce more profitable fuels, have contributed to the shortage.
Ukraine has in recent weeks bombed multiple major Russian refineries.