Oil cargo prices surge as fears of supply shortage grip market

{"text":[[{"start":9.38,"text":"The price of crude cargoes for immediate delivery has soared to its highest level since 2008, as traders react to a possible escalation of the Iran war and concerns about shortages of oil."}],[{"start":23.28,"text":"Dated Brent, the price of shipments bought and sold in the North Sea, on Thursday hit $141.36 per barrel, up from $128.46 a day earlier, according to S&P Global, a research group."}],[{"start":40.81,"text":"The surge followed a televised address to the nation by US President Donald Trump on Wednesday in which he vowed he would hit Iran “extremely hard” in the coming weeks and threatened to bomb the country “back to the stone ages”."}],[{"start":null,"text":"

"}],[{"start":56.510000000000005,"text":"Trump’s signal of a further escalation of the conflict rather than a peace deal sent oil prices rising, with market participants caught off guard by his rhetoric. "}],[{"start":67.74000000000001,"text":"“The market once again totally misread what President Trump was going to say. They expected de-escalation talk and got the exact opposite,” said Scott Shelton, energy specialist at TP ICAP, an interdealer broker. “The market was NOT positioned for this!”  "}],[{"start":85.69000000000001,"text":"The International Energy Agency has warned the world faces the worst oil supply disruption in history due to the effective closure by Iran of the Strait of Hormuz, the strategic waterway through which more than a fifth of global oil supplies flow."}],[{"start":103.27000000000001,"text":"Traders on Thursday said the jump in prices reflected concerns about how a prolonged conflict with Iran would hit the supply of crude and other fuel products in the weeks and months ahead. "}],[{"start":117.22000000000001,"text":"Oil prices in financial futures markets also surged higher on Thursday. The price of Brent crude, the international benchmark, settled 7.8 per cent higher at $109.03 per barrel. West Texas Intermediate jumped more than 11 per cent to close at $111.54 per barrel, its highest since mid-2022."}],[{"start":142.56,"text":"Industry experts are increasingly focusing on the threat posed by shortages of crude and other petroleum products, including the effect it could have on the world economy. "}],[{"start":153.69,"text":"Oxford Economics said this week it estimates a six-month interruption of flows through the Strait of Hormuz would create a 13mn barrels per day gap in global oil supplies, triggering a worldwide recession. "}],[{"start":168.68,"text":"“That represents an unprecedented shortage of around 12 per cent of consumption, leading to widespread rationing concentrated in emerging economies, with significant hits to activity and supply chain disruption,” said the advisory group."}],[{"start":184.98000000000002,"text":"Additional reporting by Martha Muir "}],[{"start":196.66000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1775208410_4240.mp3"}