Trafigura Warns World's Largest Energy Crisis Is Far From Over

Commodity trading giant Trafigura says the conflict in the Middle East has already removed more than 1.1 billion barrels of oil from global markets and warned that even a near-term peace agreement would not quickly restore energy supplies disrupted by the effective closure of the Strait of Hormuz.

In its half-year financial report released Thursday, the Singapore-based commodities trader described the current disruption as the largest energy crisis in history and estimated that oil supply losses remain around 14 million barrels per day compared with pre-conflict levels. The figure accounts for alternative export routes and pipelines currently being used to