A world running on empty: how a blockaded Gulf is reshaping the global economy

Views: 155 2026-04-20 Several weeks into a cascading energy shock, a sobering reality is coming into view. Today’s oil shortages owe less to geology than to geography. Roughly 500m barrels that would normally have reached refineries and consumers have failed to appear. The cause is not a single rupture but a convergence. Russian exports are impaired, Iran is newly entangled, and tanker traffic through the Persian Gulf has become hazardous. The result is a crisis spreading faster than policymakers can respond, hitting regions unevenly but with growing force. Asia’s early descent into scarcity Asia has felt the first and sharpest …

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