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Larry Fink says a prolonged Iran conflict that pushes oil toward $150 would hit lower-income households hardest and could trigger a steep global recession. Shell and the IEA warn of possible fuel shortages and urge diversification.
A quick, slightly sarcastic look at why the current oil shock is being called the biggest since 1973, what actually happened back then, and why today's pain is both similar and very different.
The shutdown of the Strait of Hormuz has pushed oil prices up and forced governments to open emergency stockpiles. Here’s who has what, and how long those piles could last.
The International Energy Agency says a conflict centered on Iran has cut oil and LNG flows so sharply it eclipses the 1973 and 1979 crises plus the post-Ukraine gas shortfall. The agency urges quick action and reopening the Strait of Hormuz.
After Washington temporarily lifted restrictions on Russian crude already at sea, oil prices fell and Brussels warned the move could weaken pressure on Moscow and hurt European security. Washington calls the change limited and short lived.
The IEA says the Iran conflict knocked out nearly 20 million bpd of exports and could cut global supply by 8 million bpd in March.
Middle East conflict has cut Gulf oil by ~10% of global demand; IEA orders 400M-barrel release but prices still spike above $100.