Why the Iran war hasn’t caused a global oil crisis — yet

Grist
By Jake BittleJul 21, 2026, 4:45 am89 ptsTrending
When the Strait of Hormuz first closed at the start of the 2026 Iran war, the world braced for the “largest energy crisis in history.” Before the conflict began, almost 20 percent of the world’s traded oil passed through the narrow waterway between the Persian Gulf and the Gulf of Oman. Iran’s blockade…

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