From Straits to Stoves and Tankers to Tables: Iran, Oil and Climate Trade-Offs in a Crisis

The Iran war and the near-closure of the Strait of Hormuz have triggered a major shock to global oil and LNG markets. Roughly 20 million barrels of oil per day normally move through Hormuz. The IEA says nearly all of that has been disrupted. Oil and gas prices have surged sharply; and the disruption extends well beyond oil as Qatari LNG exports have been largely severed. Asia is especially exposed, since most Gulf energy exports flow there. This isn’t just an oil story. It’s a “c...