The Guardian - Publicerad för för 8 timmar sedan

If oil price shocks weren’t bad enough, Trump’s war could have other unintended consequences | Adam Hanieh

China consumes around 90% of Iran’s oil exports, so could be forced to rely on alternative suppliers – particularly Russia

With the US-Israeli war against Iran in its second week, energy markets are in turmoil. On Thursday, the price of Brent Crude Oil topped $100, only slightly lower than the $119 peak per barrel on Monday.

These swings have focused attention on key energy choke points such as the strait of Hormuz, where about one-fifth of the world’s shipped oil and liquefied natural gas (LNG) passes each day. This shutdown of the strait will be felt in people’s everyday lives for months to come, particularly in the form of spiralling household bills. But oil prices alone do not capture the full economic significance of the conflict.

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