Asian banks close out energy clients as Iran war bites
Firms with short jet fuel positions faced losses up to $100 million as initial margin soared 566%
Asian clearing members have been forced to close out clients with energy derivatives exposures as the blockade of the Strait of Hormuz causes sharp price volatility for oil and gas. More than 80% of Asian crude oil supply is estimated to pass through the strait, and the failure of ceasefire talks with US negotiators so far means that Iranian military threats continue against tankers in the area.
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