Iran War Adds $330 Billion to Global Energy Import Bill
The war between the United States, Israel, and Iran has caused the oil and gas import bill of the world to swell by as much as $330 billion over the six months between March and August. That’s despite a smaller-than-feared oil price climb and equally smaller-than-feared rise in gas prices. However,
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz has been effectively closed since late August — three ships transiting versus the usual 85 per day — yet WTI is down 26% from its yearly high, not up. Either the market has priced in a full reopening before Iran and Oman finish negotiating, or it never believed the closure mattered in the first place.