Any work to ease current shortages and price hikes while the Strait of Hormuz remains closed will take years and billions of dollars.
Articles on oil markets
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Seven months into the US conflict with Iran, with no clear end in sight, the global oil market has now largely exhausted the safety measures that exist to keep a lid on petroleum prices.
The move suggests Iran and its allies are settling in for a long war. That could mean pain for the global economy.
Cooking gas and diesel fuel are among the oil products whose supply levels have been affected already. Here’s why to expect long-term shortages.
Suspending the federal gas tax, which would require Congress to agree, would drop gas prices only about 4% – less in high-cost states like California.
As US gas prices climb, politicians are looking at ways to lower them. An economist breaks down what does − and doesn’t − move the number on the sign at the gas station.
The world could be facing an unprecedented energy shock if oil supplies remain choked.
Is it time to panic about supplies?
Industry leaders have objected to reversals of long-standing policies, and market forces are moving against the Trump administration’s hopes.
Fears about supply, demand, profits and supply chains all combine into a volatile mix that delivers prices that are often higher in a crisis, but also change more rapidly and by larger amounts.
Donald Trump says he is a big fan of oil and gas. His actions may not be of great interest to the industry. And the results may not be what he says he wants.
Oil revenues are crucial to Russia’s economy. The US only accounts for a small fraction of them, so banning Russian oil imports has mainly symbolic value.
Russia is one of the world’s top three oil producers and a major oil exporter. How will it, and global oil markets, respond if its wealthiest customers turn off the tap?
What on earth is going on in the oil market? Does the recent 60% collapse in oil prices in six months really reflect shifts in underlying supply and demand for crude oil? I’m afraid not, as I have been…
Top contributors
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Director, Energy, Climate Justice, and Sustainability Lab, and Research Professor, New York University; Tufts University
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Nonresident Fellow in Energy and Global Oil, Baker Institute for Public Policy, Rice University
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Lecturer in Energy Systems, University of Oxford
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Assistant Professor of Economics, Georgia Institute of Technology
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Professor of Public Affairs, The University of Texas at Austin
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Senior Research Fellow, UCL
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Assistant Professor of International Political Economics, Oklahoma State University
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Lecturer in International Studies, University of Washington
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Associate Professor in International Relations, UNSW
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Adjunct Professor, School of Foreign Service, Georgetown University