M
ore than half a century has passed since the 1973 oil crisis, yet the news currently has a distinctly old-world feel: war in the Middle East, surging oil prices and fears of broader economic contagion.
Ever keen on self-congratulation, Donald Trump will be able to claim he was right to proclaim the dominance of fossil fuels. The escalating conflict in the Persian Gulf has proven him right on at least one point: Oil still wields formidable influence over global geopolitics and the world economy. On Monday, March 9, the price of a barrel of crude oil breached the symbolic $100 threshold, sending a wave of panic rippling through stock markets and governments alike.
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Oil passes $100 a barrel following Strait of Hormuz blockage and Middle East war
