Exclusive Follow-ups – Al-Khabar Al-Yemeni:Top international oil traders have warned that the market is “on the verge of depletion,” as the closure of the Strait of Hormuz continues.The “Financial Times” quoted oil traders warning that “the market is on the verge of depletion with the Strait of Hormuz closing again,” considering that “the escalation of tensions in the Strait of Hormuz represents a new and risky phase for the market.”The newspaper quoted one international oil trader as saying: “We have exhausted all the reserves we had.”Another trader added: “If the strait closes again for months, it is unclear this time where the oil will come from.”The roots of the current crisis lie in Washington’s breach of the memorandum of understanding signed with Tehran through an attempt to bypass the “Iranian arrangement” for the Strait of Hormuz and find an alternative route for ship passage through Omani waters in an attempt to leap over Iranian sovereignty enshrined in the memorandum.These American attempts to empty the agreement of its content were met with a categorical Iranian rejection, followed by a complete closure of the strait and Iranian warnings that “not a single drop of oil or gas will be exported from the region as long as American evils persist.”Analysts believe that the warnings of top traders reflect real concern that the world may enter an unprecedented phase of supply scarcity, especially as strategic oil reserves of major countries have been significantly depleted over the past months.
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