What is force majeure and why are some Gulf countries invoking it?
Summary
Several Gulf countries have declared force majeure because of shipping disruptions in the Strait of Hormuz. This is happening due to the US-Israeli conflict involving Iran, affecting oil and gas supplies worldwide.Key Facts
- Gulf energy producers are declaring force majeure due to shipping problems.
- The disruptions are happening in the Strait of Hormuz.
- The US-Israeli war on Iran is causing these disruptions.
- Force majeure is a legal term used in contracts.
- It allows companies to pause or stop fulfilling their contracts due to unforeseen events.
- This situation could affect global oil and gas markets.
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