"The fuel crisis that America's war on Iran has unleashed is far larger—the biggest oil-supply shock in history, an estimated three times the disruption caused by the Arab oil embargo."
"America is now an energy superpower, largely insulated from the economic pain caused by its actions, which instead are now being borne by Asia and will soon reach Europe."
"Trump said that the strait's closure was not America's problem: 'The United States imports almost no oil through the Hormuz Strait and won't be taking any in the future.'"
"The next day, the clear lack of an American-led plan to open the strait caused stock-market declines and oil prices to shoot up nearly 8 percent."
The oil supply crisis caused by Iran's actions is unprecedented, surpassing the 1970s oil shocks. America, now an energy superpower, is insulated from the economic fallout. The closure of the Strait of Hormuz has significant implications for global oil supply, affecting Asia and Europe. President Trump acknowledges that the U.S. is not directly impacted, suggesting that affected countries should take action themselves. The absence of a U.S. plan to address the crisis has led to stock market declines and rising oil prices.
Read at The Atlantic
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