As Trump’s Iran war drags on, we’re facing the next oil crunch
Rising tensions in the Middle East and a naval blockade in the Strait of Hormuz are driving oil prices toward $138 a barrel. Despite US military presence, oil flows remain significantly below pre-war levels, threatening global economic stability.
Why it matters
The ongoing conflict risks a major energy-related inflation spike that could impact global economic recovery.
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Share A A A Oil prices are approaching $US100 a barrel as hostilities in the Middle East have flared again, threatening a new burst of global energy-related inflation and economic pain.
Despite the aggressive (and horrendously expensive) US naval and military presence in and around the Persian Gulf, oil cargoes transiting the Strait of Hormuz are still at only about a third of their pre-war levels of 20 million barrels a day.
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