Map shows exact date UK may be cut off from Middle East oil | UK | News
A map prepared by investment bank JP Morgan shows when the last shipment of Gulf oil will arrive globally; The UK expects the final delivery next week.
Other destinations expect their supplies to stop earlier, with some parts of Asia and Africa cut off from April 1.
Deliveries in the US will end on April 15 according to the map.
It is reportedly unlikely due to the country’s massive domestic oil production shortage.
It is unlikely that there will be a supply shortage in Europe either; drivers are expected to feel the impact through further price increases.
JP Morgan analysts stated that the global oil system has ‘transformed from a flow shock to a stock-out problem’, meaning existing reserves are constantly being depleted.
The map shows the last tanker leaving the Strait of Hormuz on February 28, the day the war began, and the subsequent largely halted traffic.
“The global system is shifting away from the flow shock towards stock-out issues, where timing, not just volume, is driving the impact,” analysts said.
The crisis pushed prices up and caused economic uncertainty around the world.
Sir Keir Starmer has invited bosses from energy, shipping and banking companies to Number 10 to discuss Iran’s ongoing blockade of the Strait of Hormuz.
Representatives of Shell and BP, shipping giant Maersk, marine insurance specialist Lloyd’s of London and banks HSBC and Goldman Sachs were told the Government was working on a “workable plan” for the Strait of Hormuz.
The cost of oil benchmark Brent crude jumped more than 3 percent to $117 per barrel at one stage of Monday morning trading, reaching levels not seen since 2022.
Diesel prices have also risen to their most expensive level since December 2022, with the average price of a liter of fuel at UK petrol stations reaching 181.2p on Monday, according to RAC analysis.
This is a 27 percent increase since the beginning of the conflict in the Middle East.
Average petrol prices have increased by 14 per cent from 132.8 pence to 152.0 pence per liter since February 28.
