Developments in the oil industry, petrostates, and oil-based energy.
Oil
If the breakdown of the prewar status quo for the Persian Gulf is the geopolitical crisis which guarantees a less stable oil market, then the damage done by war to Persian Gulf and Russian energy infrastructure is the material crisis which will limit future oil production. This destruction will also
Oil
War with Iran has created new geopolitical instabilities which conspire to keep the Persian Gulf from returning to its old role as the world’s swing producer and limit the overall capacity of the global oil industry.
Oil
Even if the present war were to meaningfully end and traffic through the Strait of Hormuz be restored to prewar levels, oil would still be doomed to a future of increasingly unpredictable costs.