Trump’s Latest Oil Blockade Brings Bigger Economic Risks
Oil markets shrugged it off, but the effort to hurt Iran could provoke retaliation that inflicts more damage on energy assets and the global economy.
Oil markets shrugged it off, but the effort to hurt Iran could provoke retaliation that inflicts more damage on energy assets and the global economy.
Our energy reporter Rebecca F. Elliott explains why, even if the flow of energy is restored through the Persian Gulf, it will take months to carry out repairs across dozens of energy sites in the region.
An association of airports told European Union officials that fuel shipments through the Strait of Hormuz had to restart within three weeks to avoid a “systemic” shortage.
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 conflict in the Middle East has left the Federal Reserve braced for higher inflation, with more officials open to the possibility of rate increases.
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 Emmanuel Macron of France expressed disapproval about President Trump’s handling of the war against Iran on Thursday, chastising him for speaking cavalierly in a speech.
Iran continued to retaliate across the region on Tuesday but markets saw hopes that fighting might ebb. Israel said it would occupy a large chunk of Lebanon even after the war ends.