How the Iran war could create a new global order in oil

The ongoing Iran war is driving long-lasting changes in the global multitrillion-dollar oil market, turning it into a weaponized and fractured system. Iran has effectively locked down the critical Strait of Hormuz, causing oil prices to climb approximately 50% higher than before the war began. This reordering means, at a minimum, higher energy prices and inflation, and could shake the foundations of the dollar-based global economy. Dan Yergin, vice chairman of S&P Global, describes this as "the mother of all supply chain disruptions." Former national security advisers contend that countries may now draw the conclusion that individual action, rather than cooperation, is preferable in a fragmented world.