Diesel and jet fuel shortages will be ongoing “for some time” due and there will be lasting economic damage even if the Iran war ceasefire holds, the International Monetary Fund (IMF) has warned.
Up to a fifth of total global oil usually passes through the Strait of Hormuz, but with the key shipping route for oil and gas still effectively closed, despite a ceasefire deal being agreed, less than 10 per cent of pre-war transit is getting through.
