When the war between the US, Israel and Iran began in late February and the Strait of Hormuz closed shortly thereafter, the world braced for a devastating oil shock.
These kinds of crises had been seen before: during the 1973 Yom Kippur War, in 1979 during the Iranian Revolution and in 2022 after Russia’s invasion of Ukraine.
This one, however, was worse than them all.
Governments in South East Asia urged people to work from home to conserve energy. The IEA released its emergency stock of 400 million barrels of oil. The price of fuel reached record highs around the world.
For many countries, the effects were swift and devastating. The experience for Spain, though, was markedly different.
