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'A fifth of the world's oil supply could disappear': Former BP exec's Iran warning
Posted
March 16, 2026
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March 16, 2026
26,002
376
269
2.48%
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13:06Now PlayingShelagh Fogarty speaks to energy economist and former BP executive Nick Butler about the growing crisis around the Strait of Hormuz and its impact on global energy supplies.
Butler warns that if the conflict continues and the strait remains closed, “there is going to be a substantial physical shortage.”
It comes as the prime minister has said "vulnerable" households who have been hit by a sharp increase in the price of heating oil will get help from a £53m support package.
Support will be "targeted" to help low-income households in rural communities, Sir Keir Starmer said, although local councils will decide who qualifies and how the money is distributed.
Unlike consumers who use gas and electricity for heating and hot water, prices for households using oil are not capped by regulator Ofgem.
Last week, the price of crude hit nearly $120 a barrel before slipping back. Oil is currently trading at about $102 a barrel, but that is still much higher than where it was before the conflict began.
Prices have spiked mainly due to the effective closure of the Strait of Hormuz, a vital waterway that carries a fifth of global oil supplies.
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