Despite the largest oil supply disruption in history, prices remain calm. Demand-side responses, not just supply, explain why.
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Iran’s energy shock has drained global buffers, leaving the world exposed to a second and far more damaging oil crisis.
Rising sulfur costs following the Iran conflict threaten the global energy transition by inflating the production expenses of EVs and solar panels.
The U.S.-Israeli war on Iran exposes the fragile nature of global energy markets, driving a costly and risky global pursuit of self-sufficiency.
The Strait of Hormuz is effectively closed; the U.S. must act fast to prevent an energy crisis.