Iran War Escalation Threatens Global Fuel Supply Recovery

Asian refiners that had bet on a flood of crude supply from the Middle East in August are now faced with potential delays in deliveries amid the re-escalation of hostilities, which could thwart their plans to ramp up crude processing rates in the coming weeks, analysts have told Reuters. At the end of June and early July, Asian refiners were optimistic that the tentative reopening of the Strait of Hormuz following the U.S.-Iran memorandum of understanding would bring steadily rising crude volumes from the Middle East. With the collapse of the ceasefire,…