Another reversal in the narrative around the conflict’s duration could also prove costly. Nasser noted that global oil inventories are already at their lowest level in five years, meaning prolonged production interruptions would accelerate stock drawdowns and leave consuming nations with less buffer against further shocks.
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The president said that he did not believe the conflict would be over this week, but insisted the operation was ahead of schedule and looked to shore up investors increasingly concerned about energy prices. He vowed bombing “at a much, much harder level” if Iran disrupted oil supplies alongside his sanctions pledge.
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