The world’s oil and gas markets are on a knife’s edge, waiting on the fate of the Strait of Hormuz—once again a centerpiece in Iran’s high-stakes game of energy brinksmanship. It’s a playbook straight out of the 1980s, with Tehran trying to rattle the globe and squeeze supply, but history suggests these tactics rarely end well for the regime.
After yesterday’s wild ride, oil prices are taking a breath, finding a bit of balance as the Trump administration rolls out moves to calm nerves and bring...
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