Global Economy Is Suddenly Fighting an Energy Stranglehold on Three Fronts
- Investing
Peter Lynch- 0
- 2 minutes read
The global economy suddenly finds its energy supplies threatened on three fronts simultaneously: the Persian Gulf, the Red Sea and the Black Sea. The world goes into these disruptions with the lowest levels of oil reserves in years.
Conflict in the Middle East broadened this week with Tehran-backed Houthi militants turning tankers back from the Bab al-Mandeb strait. The Red Sea maritime chokepoint, which has become the biggest export route for Saudi Arabia’s crude following the Strait of Hormuz closure, accounted for roughly 12% of the world’s seaborne oil flows before the war.
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