The Iran War is Forcing Energy-Importing Countries to Turn Inward
The Iran war is pushing countries to prioritize domestic energy in order to protect themselves from volatile oil and natural gas markets.
The Iran war is pushing countries to prioritize domestic energy in order to protect themselves from volatile oil and natural gas markets.
As the war in Iran persists, signs point to a prolonged period of higher prices and slower growth rather than a quick shock.
The cartel’s move to increase output by 188,000 barrels per day is largely symbolic, with vast amounts of the world’s oil stranded by the effective shutdown of the Strait of Hormuz.
Iranian drones struck Kuwait’s main international airport and the United States and Iran exchanged strikes.
Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.
The prices of diesel and gasoline soared after the Iran war started, piling more hardship on people in Ruatahuna, one of New Zealand’s most remote villages.
President Trump held out hope for a peace agreement, but said high oil prices would not force his hand.
Top policymakers were expected to discuss rising energy prices and sanctions policy at a critical summit in Paris this week.
An analysis of oil export data offers clues about which nations have benefited from higher prices, and which have lost a lot of revenue.
Hopes for an end to the war in Iran faded after President Trump failed to secure a commitment from China to help persuade Iran to reopen the Strait of Hormuz.