Peace between the United States and Iran has broken down, and the price of Brent crude oil is rising. While prices are still well below previous wartime peaks, oil markets are once again under pressure—and things are almost certain to get worse.
During the first round of the war, oil prices never reached the calamitous levels predicted by some analysts. This seems to have taught the White House a flawed lesson: that the global oil system is more robust than the doomsayers claim and that a war over the world’s most important energy chokepoint can be fought without a significant energy crisis at home.
Peace between the United States and Iran has broken down, and the price of Brent crude oil is rising. While prices are still well below previous wartime peaks, oil markets are once again under pressure—and things are almost certain to get worse.
During the first round of the war, oil prices never reached the calamitous levels predicted by some analysts. This seems to have taught the White House a flawed lesson: that the global oil system is more robust than the doomsayers claim and that a war over the world’s most important energy chokepoint can be fought without a significant energy crisis at home.
