Middle East Conflict Depletes Global Oil and Sulfuric Acid Stocks

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The escalation of war in the Middle East has led to two significant consequences for the global raw materials market, according to TASS.

Bloomberg reports that global oil reserves are shrinking at a record pace. According to analysts at Morgan Stanley, from March 1 to April 25, daily reductions in oil stockpiles averaged around 4.8 million barrels. Another investment giant, Goldman Sachs, warned that storage volumes have approached the minimum level last seen in 2018.

Concurrently, the conflict has hit the chemical raw materials market. The Wall Street Journal reports a shortage of sulfuric acid. The publication explains that the majority of sulfur comes from refineries in the Persian Gulf region. Due to the blockage of the Strait of Hormuz—a key maritime corridor for exports—deliveries of this critical component have become virtually impossible.