The media called the escalation in the Middle East a threat to the restoration of oil refining

The war between the United States and Iran, accompanied by threats from the Houthis to attack Saudi ships, could disrupt the plans of Asian refineries to increase production in August, which could lead to a shortage of global fuel reserves. This was reported by the Reuters news agency on July 22.

"Asian refineries were expected to lead the recovery in global fuel production this quarter, but clashes between the United States and Iran have again sharply reduced oil exports through the Strait of Hormuz," the material says.

The Yemeni Houthis have threatened to block Saudi oil exports from the Red Sea, which, according to research company Energy Aspects, could force more than 3 million barrels of Saudi oil per day to use much longer routes. As a result, Asian refineries, which expected oil supplies in August, are now preparing for delays.

According to the data provided by the International Energy Agency, published on July 10, it was expected that in the third quarter the volume of oil refining worldwide would amount to 81.6 million barrels per day, which is more than 4% more than in the second quarter, due to the recovery in production in Asia.

However, this recovery could stall if shipments through the Strait of Hormuz are further reduced and Saudi exports take an additional month to reach Asia, bypassing the west coast of Africa in order to avoid attacks from the Houthis.

The world, as emphasized, is facing the largest oil and gas supply disruptions in history. The crisis is most acutely felt in Europe and Asia, which have been affected by prolonged supply disruptions. In this regard, the governments of a number of countries were forced to take measures aimed at combating the shortage of energy resources.

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On July 20, the Yemeni Houthis announced a naval blockade of Saudi Arabia, which in turn said it would respond to threats against its commercial vessels and secure these facilities in the Bab el-Mandeb Strait. On July 21, US President Donald Trump also announced his readiness to intervene in the situation.

Meanwhile, experts point to a sharp rise in oil prices, which is associated with another escalation in the Middle East. So, only since June 6, it has risen in price by 27%. According to forecasts, the price of Brent crude oil will range from $100 to $120 per barrel.