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List of countries most in danger of running out of oil as US-Iran war rages on
- Newest development: US-Iran conflict tightens control over Hormuz with fewer ships passing, signaling tighter global oil supply.
- Myanmar could run out of oil in about a month if Hormuz remains restricted, per SocGen commodities team.
- Vietnam faces similar risk, sourcing over 80 percent of oil via Hormuz, with potential shortages in a month if service doesn’t resume.
- Philippines, Singapore, and Thailand each hold limited inventories, risking shortages as Hormuz traffic slows.
- Forbes list expands on other at-risk countries including Taiwan, South Korea, China, India, Indonesia, and Japan.
- US measures aim to temper price surges: Jones Act waiver and release of 172 million barrels from strategic reserves.
- US sanctions relief is described as a short-term measure to stabilize global energy markets.
- Iran launched missile attacks on Ras Laffan Industrial City, damaging a major gas facility in Qatar, raising price risks.
- Analysts warn oil prices could rise globally as the conflict escalates.
- Strait of Hormuz remains the focal point for energy security as the conflict unfolds.
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