LONDON, 18 March. - (ANA) - Nations scrambled to cut their dependence on oil ferried through the Strait of Hormuz, which looked unlikely to reopen soon.

 

Kyiv agreed, under EU pressure, to allow repairs to a pipeline carrying Russian oil to Europe, despite Ukrainian President Volodymyr Zelenskyy decrying “blackmail”; the move could unlock a $100 billion loan blocked by Hungary and Slovakia’s Russia-friendly governments.

 

Iraqi authorities agreed with the country’s autonomous Kurdistan region to reopen a pipeline, potentially freeing 400,000 barrels a day, while Asian countries are boosting coal generation, Reuters reported.

 

The crisis could reshape energy markets long-term, OilPrice.com argued, pushing customers towards renewables; in the shorter term, soaring oil prices could slow growth everywhere, including the US, economists told the Financial Times.  - (ANA) -

 

AB/ANA/18 March 2026  - - -