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https://theconversation.com/the-strikes-on-iran-show-why-quitting-oil-is-more-important-than-ever-277192>
"As Israel and the United States strike Iran, global oil markets are on edge.
Oil prices have begun rising even before any disruption to supply. Oil traders
are factoring in the possibility the Strait of Hormuz might close.
Roughly 20% of the world’s traded oil passes through this narrow waterway
between Iran to the north and Oman and the United Arab Emirates to the south.
One oil tanker has been bombed and traffic has all but halted. In global energy
markets, the mere threat of interruption can push prices higher.
Oil isn’t like most commodities. Control of the energy-dense fuel shapes
geopolitics. Three-quarters of the world’s population live in countries
dependent on oil imports for cars, trucks and other uses. Controlling the flow
of oil and, increasingly, gas, has long been used as leverage, from the oil
shocks of the 1970s to Russia cutting European gas supplies in 2022.
Any serious disruption to tanker traffic in the Gulf would send shockwaves
through global oil markets and threaten economic stability. Long queues have
already been reported in Australia as motorists vie to fill up before possible
price spikes.
As international tensions increase, nations from Cuba to Ukraine to Ethiopia
are accelerating plans to reduce their oil dependence and boost energy
security."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
