The Middle East’s refined oil traders have been dealt a major blow by the closure of the Strait of Hormuz, with trade slowing to a trickle. Geopolitical shifts were already complicating the landscape for traders in the UAE, as a tightening of US sanctions on Russian and Iranian barrels had created new industry headwinds prior to the conflict.
As they adapt to the new normal, traders are trying to find workarounds, including trucking oil across the UAE to facilities outside the strait. (CONTINUED – 640 WORDS)
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