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A hypothetical third Gulf war closes the Strait of Hormuz, stranding a fifth of global oil and gas output and driving energy prices sharply higher worldwide.
Catch up on global daily news
Compelling long reads
Future-gazing analysis, predictions and speculation
Tune into captivating conversations
Watch engaging short films

Residual risks and ruined infrastructure will keep prices high

Whatever happens in the Strait of Hormuz, energy markets have been changed for ever

The longer the war in the Gulf, the harsher the global economic fallout

Stranded Gulf supplies are choking off the region’s economies

Stranded Gulf supplies are choking off the region’s economies

Scenarios now range from bad to awful