{"id":474578,"date":"2026-03-14T03:46:08","date_gmt":"2026-03-14T03:46:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/474578\/"},"modified":"2026-03-14T03:46:08","modified_gmt":"2026-03-14T03:46:08","slug":"a-warning-from-wall-street-global-fuel-shortage-may-be-days-away","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/474578\/","title":{"rendered":"A warning from Wall Street: Global fuel shortage may be days away"},"content":{"rendered":"

Play Brightcove video<\/p>\n

A prominent Wall Street bank has warned the continued closure of the Strait of Hormuz will have a significant economic impact across multiple sectors, as ITV News Economics Editor Joel Hills reports<\/p>\n

US President Donald Trump has publicly dismissed concerns about rising fuel prices since the conflict began.<\/p>\n

Higher oil prices, he said, are \u201ca very small price\u201d to pay<\/a> for the increased security that Operation Epic Fury will deliver for ordinary Americans.<\/p>\n

But tonight a prominent Wall Street bank has warned that the economic impact of the closure of the Strait of Hormuz – a vital shipping lane for oil and gas – could intensify dramatically in the coming days as shortages emerge.<\/p>\n

In a research note published on Friday evening, Natasha Kaneva, head of commodities research at JPMorgan Chase, wrote: \u201cBy the end of next week, we expect crude supply cuts to approach 12 million barrels per day, making the deficit highly visible across physical markets.\u201d<\/p>\n

Subscribe free to our weekly newsletter<\/a> for exclusive and original coverage from ITV News. Direct to your inbox every Friday morning. <\/p>\n

That is an enormous amount of oil to disappear. For context, the world normally consumes around 100 million barrels a day.<\/p>\n

The JPMorgan note adds: \u201cThe market is facing an acute shortage of products<\/a> – diesel, jet fuel, LPG and naphtha – that cannot be consumed simply because they are not available.\u201d<\/p>\n

In plain English: the problem isn\u2019t just oil prices. The world is running short of the fuels that power cars, lorries, aircraft, factories and farms.<\/p>\n

The first visible effects of the shock are already appearing in Asian countries that depend heavily on energy exports from the Gulf.<\/p>\n

India, Bangladesh, Sri Lanka and Vietnam are already rationing fuel or preparing emergency measures.<\/p>\n

Airlines in Australia have raised airfares, while Air New Zealand has begun cancelling flights.<\/p>\n

\u201cWe have never been in this situation before,” Neil Atkinson, the former head of oil markets at the International Energy Agency, told ITV News<\/p>\n

Neil Atkinson, the former head of oil markets at the International Energy Agency (IEA), describes the Strait of Hormuz as the \u201csingle most important choke point in global shipping\u201d – even more critical than the Suez Canal.<\/p>\n

In an interview with ITV News, he explained that the IEA used to run war-game scenarios simulating major disruptions to oil supply. <\/p>\n

But they never seriously considered the Strait of Hormuz closing.<\/p>\n

It was considered unthinkable because of the shortages it would create.<\/p>\n

\u201cWe have never been in this situation before. We\u2019ve had interruptions to oil and gas supply <\/a>in the past – the Iranian revolution in 1979, the first Gulf War in 1990, the invasion of Iraq in 2003, Russia\u2019s invasion of Ukraine four years ago,” Atkinson said.<\/p>\n

“Not one of them comes close to what is actually happening today in the Strait of Hormuz.\u201d<\/p>\n

President Trump is right when he argues that the United States is less exposed to the energy shock because it is the world\u2019s largest producer of oil.<\/p>\n

But America consumes a lot of oil too, and petrol prices and airfares are rising there too.<\/p>\n

If JPMorgan is right, the economic damage the war is causing is about to move up a gear.<\/p>\n

From Westminster to Washington DC – our political experts are across all the latest key talking points. Listen to the latest episode below…\u00a0\u00a0<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"Play Brightcove video A prominent Wall Street bank has warned the continued closure of the Strait of Hormuz…\n","protected":false},"author":2,"featured_media":474579,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":["post-474578","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/474578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=474578"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/474578\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/474579"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=474578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=474578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=474578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}