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This crisis is worse than the two in the 1970s and Russia-related in 2022 put togetherSome 40 key energy assets have been damaged in the Middle EastMore than 12 million bpd of oil supply has been lost so far to the Middle East crisisThe oil loss in April is expected to be twice as high as in MarchThe biggest problem is lack of jet fuel and dieselThat is already affecting Asia and will be coming to Europe in April to MayTaking into consideration further release of strategic reserves”If we think there is need of crude oil, we may intervene”Those are some damning remarks by Birol on the current situation. While markets might be wanting to move on and tune up the optimism, it’s best to remember that the reality of it all is not so simple.As mentioned before, it might take weeks or even months for some key energy facilities to restart and get back up to speed. Just last week, Kuwait already warned that it would take 3 to 4 months to restore production to full capacity even if the war were to end today. And that is just one example.And even if the war dies down, it will surely also take time for commercial vessels to resume operations amid fears that there will still be military strikes. The US may look to pull out but what about Israel? If tensions continue to flare up, who is to say that Iran will not keep its foot on the neck of the Strait of Hormuz?There is still much uncertainty up in the air. As such, don’t be too quick to dismiss the risks of oil prices keeping at a higher level in the next few weeks/months at least.
This article was written by Justin Low at investinglive.com.
đź’ˇ DMK Insight
The ongoing Middle East crisis is reshaping energy markets, and here’s why that matters for traders: With over 12 million bpd of oil supply already disrupted, the ripple effects are likely to extend beyond just crude prices. For traders, this means heightened volatility in energy assets, including oil and gas stocks, as well as correlated commodities like natural gas. As ETH is currently at $2,130.99, keep an eye on how energy prices influence broader market sentiment, especially in crypto, where energy costs can impact mining profitability. Look for key resistance levels in oil around recent highs, as a sustained breach could signal further upside. Conversely, if tensions ease, we might see a sharp correction. Traders should monitor geopolitical developments closely, as any escalation could lead to a spike in energy prices, affecting not just oil but also the crypto market, given the intertwined nature of energy costs and mining operations. Watch for any announcements from OPEC or related entities that could shift market dynamics significantly.
đź“® Takeaway
Monitor oil price resistance levels closely; a sustained breach could signal further upside, impacting both energy and crypto markets significantly.
