Oil and gas prices rise despite attempts to calm markets
According to TV2, US President Donald Trump's attempts to contain the rapid rise in energy prices have failed, at a time when global markets are beginning to reflect growing concern over the disruption of shipping traffic in the Strait of Hormuz, which could lead to higher gasoline and diesel prices paid by consumers in Denmark.
The website stated that Trump had made a number of proposals in recent days aimed at reducing energy prices after the recent surge, but energy experts in Denmark warned on Wednesday morning that consumers, especially motorists, should not expect a rapid drop in fuel prices.
New surge in oil and gas prices
Market movements showed that the price of oil rose again from $80 to $84 a barrel, confirming that the drop in prices on Tuesday was only a temporary decline that quickly dissipated.
Gas prices also rose by an additional five percent, bringing the total increase to about 80 percent since the crisis began on February 28.
وقال محلل السلع في بنك ساكسو أولي سلوث هانسن Ole Sloth Hansen إن الأسواق لا ترى أي فرصة حقيقية لنجاح مبادرة ترامب في خفض الأسعار، مضيفاً: “هذا يوضح أن محاولة ترامب لخفض أسعار الطاقة لا تملك أي فرصة حقيقية للنجاح”.
Closing the Strait of Hormuz deepens the global energy crisis
On Tuesday, Trump tried to calm market fears when he offered that the United States could provide security for commercial vessels that dared to cross the Strait of Hormuz to transport oil and liquefied natural gas.
But the effect of this move did not last long, as prices began to rise again on Wednesday morning.
وأوضح أولي سلوث هانسن Ole Sloth Hansen أن الوضع الحالي يمثل أحد أخطر السيناريوهات التي كانت تخشاها أسواق الطاقة، قائلاً: “نحن الآن أمام وضع يتم فيه عملياً حبس أحد أكبر مناطق إنتاج النفط والغاز في العالم”.
The repercussions will be seen at petrol stations in Denmark.
Arne Lohmann Rasmussen, chief analyst at Global Risk Management, warned that the crisis could quickly spread to other economic sectors, although the first impact will be seen in energy prices.
He stressed that the price increase would directly affect gasoline and diesel prices in Denmark.
وقال: “سيظهر ذلك في محطات الوقود هنا في الدنمارك. الأسواق تقترب من حالة الذعر. باستثناء السفن الإيرانية لا يجرؤ أحد على عبور المضيق، ولا توجد شركة غربية مسؤولة ستخاطر بتعريض طاقمها للقتل”.
Ship escort plans do not allay companies' concerns
Arne Lohmann Rasmussen pointed out that the US plan to escort commercial ships through the Strait of Hormuz in maritime convoys will not change much in the risk assessment of shipping companies.
وقال: “ستصبح هذه السفن أهدافاً للصواريخ الإيرانية. السوق يستنتج أنه طالما تمتلك إيران صواريخ، فإن عبور ناقلات النفط عبر المضيق سيظل شديد الخطورة”.
He added that when examining ship tracking websites at the request of TV2, only one oil tanker appeared in the strait, an Iranian tanker that was on its way to the major Iranian export port on Kharg Island.
Stock markets declined as concerns mounted.
The repercussions were not limited to energy markets, as the concerns were also reflected in global financial markets.
In Japan, stocks fell 3.4 percent overnight, following sharp declines of more than 3 percent in European markets on Tuesday.
Although some European indices recorded a slight increase on Wednesday morning, this increase was not enough to offset the large losses recorded the previous day.
Concerns about the impact of the crisis on agriculture
Saxo Bank commodities analyst Ole Sloth Hansen indicated that the crisis could later extend to the agricultural sector as well.
He explained that the region is one of the world's largest producers of agricultural fertilizers, but noted that the impact on this sector would require the Strait of Hormuz to remain closed for a longer period before it would become clearly visible.
International efforts to ease pressure on markets
In contrast, some initiatives have emerged that may contribute to reducing price increases.
Saudi Arabia has begun working to increase its reliance on an overland pipeline to transport gas to its ports on the west coast instead of the eastern ports overlooking the Strait of Hormuz.
The Europeans are also considering the possibility of using part of the strategic oil and gas reserves that countries have built up over the past years, with the aim of pumping additional quantities into the markets and easing price pressures.
Warnings of a global economic crisis
When asked whether energy prices had peaked, Arne Lohmann Rasmussen ruled that out for the time being.
وقال: “لن يحدث ذلك إذا استمر الإغلاق لأسابيع. وإذا استمر هذا الوضع لفترة طويلة، فقد يقود إلى أزمة اقتصادية عالمية”.
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