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How the war in Iran is reshaping the energy landscape

Nature·@AishaAl-Sarihi·2 months ago
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Satellite image of the Strait of Hormuz, showing oil transport routes before its closure on 2 March.Credit: Alones Creative/Getty The Strait of Hormuz in the Middle East closed for the first time on 2 March, a few days after the US–Israel strikes on Iran, triggering a global energy shock. One-fifth of the global oil and gas trade flows through this narrow sea corridor that separates Iran from the United Arab Emirates and Oman — equivalent to nearly 20 million barrels per day. The current crisis revives concerns over global energy markets and security. The scars of war last for centuries: how we understand collective trauma needs to change In a matter of weeks, oil prices have surged across Asia, Europe and the United States, with the effects seen at fuel pumps worldwide. Insurance companies have suspended maritime coverage or raised risk premiums for tankers crossing the region.…

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