The World Is Draining Oil Reserves, Raising Pressure for a Peace Deal
The amount of oil and fuel stored by businesses and governments has fallen sharply since the start of the U.S.-Israeli war against Iran.
The amount of oil and fuel stored by businesses and governments has fallen sharply since the start of the U.S.-Israeli war against Iran.
The Iran war is pushing countries to prioritize domestic energy in order to protect themselves from volatile oil and natural gas markets.
Outmatched militarily, Iran used “triangular coercion” by attacking Gulf states and closing the Strait of Hormuz. It points to a long-term U.S. vulnerability.
Outmatched militarily, Iran used “triangular coercion” by attacking Gulf states and closing the Strait of Hormuz. It points to a long-term U.S. vulnerability.
While the defense industry has announced plans to make more munitions, much of that expanded production will not quickly kick in.
Despite the fragile cease-fire in the Middle East, many Africans say they are bracing for tougher times ahead and making difficult decisions about the future.
The war in Iran has disrupted supplies of diesel, used to power trucks and heavy equipment, much more than gasoline, which is primarily used in passenger cars.
If tankers do not soon begin crossing the Strait of Hormuz, airlines in Europe may not have enough jet fuel to operate all of their flights.
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.
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.