Tensions in the Strait of Hormuz, which the International Energy Agency has described as "the greatest energy security threat in history," have extended beyond crude oil and hit the automotive sector.
A global shortage is being experienced, particularly in "Group III" base oils, which are the raw material for high-performance synthetic oils used in the high-revving engines of super sports and luxury cars. The halt in production in the Gulf region, which accounts for 20% of global capacity, and the blockage of shipments, have led to warnings that stocks could be depleted within a month.
While difficult days await luxury car owners and industry giants, base oil prices in Northern Europe have reached historical highs, increasing by nearly 100% since the war began. Sector analysts state that the supply chain is at a breaking point, with Shell's facilities in Qatar being damaged by missile attacks and South Korea imposing export restrictions.
Experts predict that oil changes will become much more costly, and product availability will remain under pressure until 2027.
