Free Republic

Europe could face a shortage of energy and fuel as soon as next month without a reopening of the strait of Hormuz, Shell’s chief executive has said. The boss of Europe’s biggest oil company said it was working with governments to help them address the oil and gas supply crisis, which has already led to energy rationing in Asian countries. Oil prices dipped back to about $100 a barrel on Wednesday from highs of about $114 at the start of the week, on the back of reports that the White House had sent a 15-point peace plan to Iran’s leaders....

Global oil prices could breach the $100 (£74) a barrel mark within days, and reach $150 a barrel by the end of the month, without a solution ​to the severe disruption in crude flows through the strait ‌of Hormuz, Goldman Sachs has warned. Oil exports via the vital trade route linking the world’s biggest oil producers to buyers in the global market have fallen further than the US investment bank had initially expected after the US-Israeli attack on Iran a little over a week ago. Goldman Sachs had anticipated that flows of crude through the strait would fall to 15%...