The conflict, and the government, are depleting margins
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Residual risks and ruined infrastructure will keep prices high
Exxon and Chevron have benefited less than their European rivals
The longer the war in the Gulf, the harsher the global economic fallout
As stocks dwindle, further price rises are inevitable
Stranded Gulf supplies are choking off the region’s economies
The conflict complicates life for the custodians of Middle Eastern oil fortunes
