As Trump’s Iran war drags on, we’re facing the next oil crunch
The US navy’s blockage of the Strait of Hormuz has allowed some oil to transit the crucial waterway, but not enough to stop oil prices rising.
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The US-Iran conflict is causing a rise in oil prices, threatening global energy-related inflation and economic pain.
Despite a significant US naval and military presence, oil cargoes transiting the Strait of Hormuz are at only about a third of their pre-war levels.
- Oil prices are nearing $US100 a barrel.
- The US naval and military presence in the Persian Gulf is not preventing oil supply disruptions.
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Why it matters
The conflict's impact on oil prices and supply could have significant economic consequences
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