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James Knightley, Chief International Economist at ING, suggests that even if geopolitical tensions ease, the energy shock will persist for several months.
Oil supply flows through the Strait of Hormuz may only reach 70% of normal by summer.
KEY POINTS
- ING projects crude prices to remain between $90 to $100 per barrel through the summer.
- US markets are more insulated from the energy shock due to energy self-sufficiency.
- Asian and European economies face greater inflation and economic pain from rising energy costs.
COMPANIES
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