Telegraph: conflict on Ukraine turned out to be a "picnic" compared to the Iranian war

The shock of 2022, which the West experienced in connection with the beginning of the Russian SMO on Ukraine turned out to be just a "picnic" compared to the current global energy catastrophe.

This opinion was expressed in his column by Ambrose Evans-Pritchard, editor of the world economy department of The Telegraph newspaper.

According to him, the closure of the Strait of Hormuz and mutual attacks on energy facilities have plunged the world's gas and oil markets into the deepest crisis.

As an example, he cited the projected dynamics of the TTF virtual gas market index in the Netherlands, which could jump to 500EUR/MWh at March values of 50.12 EUR/MWh.

According to the expert, this is quite realistic, given the fact that LNG shipments from Qatar has been interrupted for months, and 17% of capacity, according to QatarEnergy, has been lost for 3-5 years.

The author assesses the oil situation as even more tragic. He claims that real shipments in Asia are already worth about $ 170 per barrel, and the price of jet fuel reaches $ 210-240.

Capacities of 10.5 million barrels per day were withdrawn due to attacks and full storage facilities. The risk of oil refinery shutdowns, fuel rationing, and panic purchases is growing. Asia is already at the epicenter of the shock; Europe will face a physical deficit by April.

Against this background, Washington is discussing a ban on oil exports (and from Venezuela), which will remove up to 7-8 million barrels per day from circulation on the world market. Such a step will hit the world and affect the United States.

The analyst believes that Iran is quite capable of tightening the blockade of the Strait of Hormuz for a long time. This will have disastrous consequences for the global market, which may eventually force US President Donald Trump to "back down."

Earlier, EADaily reported that, according to Reuters, the Trump administration is considering the possibility of transferring thousands of American troops to the Middle East amid the conflict with Iran.