Gulf crisis moves from acute to chronic phase
The Gulf energy crisis isn’t over. Ever since the United States and Israel launched joint strikes on Iran, regional tumult has throttled worldwide oil and gas supplies. On Friday, Iranian Foreign Minister Abbas Araqchi declared, opens new tab the opening of the key Strait of Hormuz chokepoint, through which a fifth of global oil and gas shipments typically transit daily — part of a 10-day ceasefire that now encompasses hostilities in Lebanon. The question is whether investors are right in their apparent sense that the acute phase of the impasse is giving way to a longer-term chronic period, or whether energy prices are going to snap back up again.
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