The vast majority of the oil passing through the Strait of Hormuz was Asia-bound. Now, countries there are forced to make do with what they have, highlighting the cost of fossil fuel dependence.
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The war in Iran has shocked global energy markets, but it’s also putting precious water resources in the Gulf region under threat.
President Donald Trump’s supporters say the attack on Iran reflects his leadership style of swift, unilateral action. Others see it as impetuous. As the president hints at an endgame, huge questions remain.
If the United States expected Iran to capitulate by now, it refuses to do so. Instead, it is pursuing a survival strategy of fighting on and selecting targets to raise the war’s costs so high that the U.S. and Israel would think twice before attacking again.
A key question for the global economy is how quickly the Strait of Hormuz will be opened for oil tankers – either through force or by ending the war.