🔺IMF: Shock-absorbing tools for the oil shock are being constrained

▪The International Monetary Fund has said it is the existence of shock-absorbing energy tools that explains the limited rise in oil prices following the renewed escalation of tensions in the Strait of Hormuz, but it added that the effectiveness of these tools is declining.

▪Brent oil prices were around $70 before the war, and from the start of the war until last month’s ceasefire they rose to above $110, then fell to $72.

▪The resumption of the Islamic Republic’s attacks on ships in recent days pushed oil prices up to around $85, but they are still lower than the peak in the early months of the war.

▪The international body warned that if strategic oil reserves are not rebuilt again, the world will be more vulnerable to the next shock.