The Iran conflict is changing the flow of energy around the world.
Oil and gas prices have spiked since the strikes began, as the conflict hit both Iran’s own exports and shipping through the Strait of Hormuz. Beijing has told its oil refiners to suspend selling overseas, prioritizing domestic needs, and Europe faces another energy crisis, with gas prices up 70% since Friday; the continent is “only coming out of an industrial energy crunch” from Russia’s invasion of Ukraine, and “now we’ve got the next one,” an analyst told the Financial Times.
Cargo shipping more broadly is also struggling: The freight giant Maersk imposed emergency price hikes on shipments, as the fighting forces it to take longer, costlier routes.
