A possible ceasefire in the conflict between the US and Israel with Iran will not immediately lower the prices of energy and other goods on the world market due to damage to the energy infrastructure in the Middle East. This was reported by the Canadian newspaper The Globe and Mail.
The US and Israeli strikes on Iran, as well as Tehran's retaliatory attacks on countries in the region, have led to significant damage to the energy infrastructure and the suspension of the production and refining of oil and gas. This increases the risk of prolonged shortages of petroleum products, natural gas, chemicals and fertilizers and means that the prices of these goods will remain high. According to Tom Lyles, a representative of the consulting company Rystad Energy, the conflict is preventing consumers around the world from receiving approximately 15 million barrels of liquefied natural gas (LNG), oil and petroleum products per day.
The longer the conflict continues, the more difficult it will be to return to normal supply chains. History has never seen a crisis of this magnitude that could serve as a model for their recovery, Lyles noted.
Earlier „The New York Times“ reported that the military actions of the United States and Israel against Iran and the escalation in the Middle East have led to a rise in the prices not only of oil and gas, but also of many other commodities vital to the global economy - including sugar, fertilizers, aluminum and helium.
Earlier this week, US President Donald Trump said that Washington and Tehran had held “very good and productive talks“ over the past few days to end the fighting. He added that the consultations “will continue throughout the week“. In response, the US prime minister ordered a five-day postponement of possible strikes on Iranian energy infrastructure. Iranian Foreign Ministry spokesman Esmail Baghaei later said that Tehran had not held any talks with Washington, but had presented its position to mediators.