How the Iran war could create a new global order in oil

"The price of oil is now about 50% higher than before the war began, and prices in the physical market for oil are at record highs as countries and companies compete for increasingly scarce barrels."

"Energy shocks can also shift global power. The Suez crisis is seen as the moment when the U.K. lost its standing as a global superpower, raising questions about the U.S.'s current position."

"Countries learned the hard way that the oil market is global, and pain or pressure in one part of the world redounds on everyone. Multinational, international cooperation is preferable to individual action."

Iran's effective lockdown of the Strait of Hormuz has led to a significant increase in oil prices, now about 50% higher than pre-war levels. The physical oil market is experiencing record highs due to competition for scarce resources. Historical energy shocks have resulted in lasting changes in the global economy, and the current situation may similarly shift global power dynamics. Cooperation among nations is emphasized as essential to mitigate the impacts of such disruptions.

Read at Axios