The real oil shock from the Iran war might be just beginning
The closure of the Strait of Hormuz due to renewed conflict has caused a significant spike in global oil prices. Shipping companies are facing threats from Iran-aligned Houthis, disrupting critical oil supply routes and threatening global energy stability.
Why it matters
Energy price volatility directly impacts global inflation and economic stability, particularly as supply chains remain vulnerable to geopolitical conflict.
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Share A A A A new front has opened in the war in the Middle East, global oil and refined product inventories are tumbling and oil and gasoline prices are spiking again. So much for all that winning.
After the 60-day ceasefire agreement was signed by the United States and Iran last month and the Strait of Hormuz reopened, shipments of crude oil from the Gulf recommenced and oil and gasoline prices fell sharply, with Brent crude trading (briefly) below $US70 a barrel.
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