Iran-US Skirmishes Only Enlarge the Oil Supply Gap
With every day that the war drags on, the shortfall gets bigger and a market reckoning draws nearer.
Photographer: Amirhosein Khorgooi/ISNA/AFP/Getty Images
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Welcome to our guide to the commodities driving the global economy. Today, Oil Europe Team Leader Alaric Nightingale takes stock of the market after a day of clashes involving shipping in the Strait of Hormuz and missile attacks on the United Arab Emirates.
With the Iran war now in its 10th week, the oil-supply black hole is growing and the chances of a swift return to normal are becoming ever-more remote.