Business
The Winners and Losers of Oil’s New World Order
The war in Iran has triggered the largest oil-supply disruption in modern history.
The crisis in the Strait of Hormuz is forcing governments to redefine energy security for an age of geopolitical fragmentation—one in which resilience depends not only on how much oil the world produces, but where it flows, who can get it and which countries are able to absorb the shock when it is interrupted.
Nearly 15% of global oil supply has been removed from the market. Crude prices remain elevated above $100 a barrel after initially spiking higher. They will very likely move sharply higher as inventories run dry.
But while the oil market is global and rising costs are felt everywhere, the consequences are not evenly distributed.
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