Fuel Protests Cause Transport Chaos in Ireland as Iran War Spikes Prices
The Irish government said it had called in the army after protesters blocked highways, ports and an oil refinery, causing widespread disruption.
The Irish government said it had called in the army after protesters blocked highways, ports and an oil refinery, causing widespread disruption.
The war with Iran is preventing huge amounts of oil from flowing out of the Persian Gulf, but the prices that many people track don’t fully capture the scale of the disruption.
Investors were in a more sober mood after sharp moves on the previous day.
The first day of a tentative cease-fire had the region on edge.
Analysts said oil and natural gas energy companies would not quickly restore production unless attacks stopped and ships started moving through the Strait of Hormuz.
President Trump knows that even if a cease-fire runs out with no final agreement on the issues dividing Washington and Tehran, the political risk of renewing hostilities is high.
The countries will have to re-evaluate their relationships with Israel, Iran and the United States after a war that has exposed their vulnerability.
Both the U.S. and Iran are now talking about imposing fees on ships using the vital passageway. That could fray a treaty that ended centuries of lawlessness on the high seas.
Both the U.S. and Iran are now talking about imposing fees on ships using the vital passageway. That could fray a treaty that ended centuries of lawlessness on the high seas.