The Tanker War Has Begun
The US-Iran conflict has crossed another threshold. The battlefield is no longer only the Strait of Hormuz. It is the tankers themselves. American forces struck...
Tag: Strait of Hormuz
Washington Has a War It Refuses to Name
Washington has discovered a new category of conflict. A war that cannot be called a war. JD Vance now argues that the confrontation with Iran...
Europe’s Energy Crisis Is Becoming a Sovereign-Debt Crisis
Europe is entering winter with an energy problem. It may leave it with a fiscal one. The renewed fighting between the United States and Iran...
Europe’s Next Inflation Shock Is Sitting in Its Gas Tanks
Europe’s inflation problem is changing shape again. Oil dominated the first phase of this year’s energy shock. Natural gas may dominate the next one. European...
Hormuz Is Becoming a Toll Road
The latest development in the Strait of Hormuz is more important than another temporary reopening. Iran says it has reached a revenue-sharing agreement with Oman...
The More Iran Is Squeezed, the More Dangerous the Gulf Becomes
Donald Trump is making a different bet on Iran. If military power cannot force Tehran to capitulate, economic exhaustion might. Scott Bessent is expected to...
Iran Is Losing the Gulf
The collapse of the US-Iran truce matters. But the more consequential development may be happening somewhere else. The United Arab Emirates has suspended commercial and...
The Black Sea Is Becoming the World’s New Supply Chokepoint
For most of the war, the economic significance of the Black Sea was measured through energy. Oil terminals, pipelines, refineries and Russia’s ability to finance...
The World Is Running Out of Safe Energy Routes
The latest developments in the Middle East make one thing increasingly clear: the energy shock is no longer only about oil prices. It is about...