The war between the US, Israel and Iran may be over for now, but the scars the conflict has left on the global economy are far from healed.
The disruption caused by the closure of the Strait of Hormuz left around 20% of the world’s oil and gas stranded in the Middle East, with consumers and companies paying premiums as a result.
Despite the agreement of a peace deal on Sunday 14 June, this experience will have left millions around the world with a sour taste in their mouths.
This crisis – described by the IEA’s Fatih Birol as “two oil crises and one gas crash put all together” – is the second market-crashing incident in just four years, after Russia’s invasion of Ukraine.
Consequently, many experts are saying this must be the moment the world turns its back on the volatile fossil fuel industry and instead invests in electrification.
