The world faces its worst-ever oil supply disruption due to war with Iran. The crisis centers on Iran’s effective closure of the critical Strait of Hormuz. A historic release of emergency oil stockpiles has failed to contain market panic. The U.S. military is unprepared to safely escort tankers through the strait. Global economic fallout is immediate and threatens long-term damage. The world is now grappling with the most severe oil supply disruption in modern history, a crisis triggered by the ongoing U.S.-Israeli war with Iran that has eclipsed the infamous Arab oil embargo of the 1970s. According to the International Energy Agency, the conflict…
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