Why are Middle East oil supplies critical to the global economy? | Counting the Cost
Geopolitical tensions in the Middle East have historically led to a sharp increase in oil prices.
Today, Israel’s yearlong war on Gaza and its ground offensive in Lebanon have done little to boost prices.
That is despite production cuts by major oil producers since October 2022.
A wider war in the Middle East that pits Iran against Israel could change that.
A dramatic increase in the price of oil could reignite inflation and have serious implications for the global economy.
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