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Oil Crisis Hitting Asia Foreshadows Tough Times for Europe

  • The war in Iran and its Strait of Hormuz blockade caused a 10% global oil supply deficit, first affecting Asia.
  • Asian factories are curbing production and some gas stations limit fill-ups; poorer nations face sustained shortages and blackouts.
  • Europe faces rising fuel prices and potential jet-fuel shortfalls by May; U.S. West Coast disruptions are also predicted by May.

 
 

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