Greenpeace warns of ‘disaster waiting to happen’ in the Gulf
PS: Greenpeace have warned that a disaster is waiting to happen as “85 large oil tankers” are trapped in the Persian Gulf, amid attacks on ships.
Nina Noelle at Greenpeace Germany, which has been mapping oil tankers trapped in the area and potential impacts of an oil spill, says:
“Right now, there are dozens of tankers carrying billions of litres of oil trapped in the Persian Gulf as mines are being laid and missiles are hitting ships. This is an environmental disaster waiting to happen. A single oil spill in the Gulf could damage this fragile marine habitat beyond repair with devastating consequences for people, animals, and plants in the region, adding to the terrible human toll this illegal war has already taken on local communities.
“The US-Israel attack on Iran and subsequent strikes by Iran on neighbouring Gulf countries has shown once again that our dependence on fossil fuels is a constant threat to peace, security and prosperity. When oil and gas prices surge, fossil fuel giants rake in more profits while everyday people are hit by higher costs for heating, electricity, transport and food.
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Closing post
Time to recap
Oil prices have jumped again after a statement from Iran’s new leader said the crucial Strait of Hormuz should remain closed.
Brent crude has climbed by 10% to over $101 a barrel, on track to end the day over the hundred dollar a barrel mark for the first time in the crisis.
US crude is also up 10% at $96.55 a barrel.
Crude prices jumped after Iran’s supreme leader, Ayatollah Mojtaba Khamenei apparently called for national unity and said that all US bases in the region should close or face attacks.
The strait of Hormuz will remain closed in order to pressure Iran’s enemies, Khamenei reportedly said.
Oil had already climbed after Iran escalated its retaliation over the conflict, with strikes on several ships in the Gulf.
The International Energy Agency has warned that the war in Iran has cut the region’s oil and gas production by at least 10m barrels of oil a day.
In its latest oil report, the IEA says:
With crude and oil product flows through the Strait of Hormuz plunging from around 20 mb/d before the war to a trickle currently, limited capacity available to bypass the crucial waterway, and storage filling up, Gulf countries have cut total oil production by at least 10 mb/d.
In the absence of a rapid resumption of shipping flows, supply losses are set to increase.
Economists have warned that higher energy prices run the risk of creating ‘stagflation’, where inflation jumps and growth fizzles out.
The US White House are reportedly planning to temporarily waive a century-old maritime law that requires American ships be used to transport goods between US ports.
President Trump has also claimed that the surge in oil is good for the US, arguing:
“The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,”
