The oil market has entered choppy waters once again. Crude prices fell by a dramatic 18% in April y/y – the sharpest monthly drop since November 2021 – partly due to a global slowdown, but more due to a power struggle within OPEC+.
In the last week temperatures have soared, breaking monthly records in nearly half the countries on the planet. In much of Europe temperatures have reached those of mid-summer in the first week of April.
The hotter the world gets, the more water the air can hold and the more it will rain.
The situation in the Middle East was rapidly destabilised in the last week by a slew of bombings, missile and counter missile strikes that brought the whole region much closer to a region-wide war.
Sometimes known as the sirocco, haboob, yellow dust, white storm or harmattan, the phenomenon that engulfs everything in its path can be a costly disaster.