OPEC is no stranger to exits. But UAE’s exit could mean a fundamental geopolitical shift in the Middle East (and the oil markets).
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Failed Iran talks could complicate Fed rate outlook as oil-driven inflation rises
Interest rate cuts are no longer easy for the Fed. With ongoing Iran conflict and volatile oil markets, it may even consider rate hikes to ensure inflation remains stable.
How the Iran war is driving up food prices through fertilizer supply disruptions
Oil and gas might not be the only commodities vulnerable to the disruptions in the Strait of Hormuz. Fertilizers are at particular risk, as their supplies get choked at the strait, a critical shipping corridor for a third of the world’s fertilizer shipments.
Shipping traffic in the Strait of Hormuz plunges to historic lows as oil prices hit a 19-month high
Ship traffic through the Strait of Hormuz is falling sharply as vessels avoid the Gulf following U.S.–Israel strikes on Iran, pushing oil prices to a 19-month high on fears of supply disruptions.