The risk of a prolonged stalemate in the Iran war is being underestimated by markets, according to the chief executive of Danish tanker group Torm, with a deadlock lasting months or even years more likely than a quick resolution.
Jacob Meldgaard compared the situation in the Gulf to Russia’s war in Ukraine, arguing that markets had again been too quick to assume that economic disruption would force both sides to find a solution.
“In 2022, a lot of people, especially in the US, for the first six months said the war in Ukraine will stop very soon because it makes no sense and it is inefficient for Europe not to get energy from Russia,” he said. “Clearly people misread how long that situation could last.”
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