The global oil crisis is even worse than it looks
Source: Vox · Bias: Left
Summary
The oil market’s worst nightmare just came true. For decades, energy traders have feared that a war might one day close the Strait of Hormuz — the narrow waterway that links the Persian Gulf’s oil reserves to global markets. Before today’s war in Iran, about one-third of the world’s seaborne oil exports and a fifth […]
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