Gulf nations keep oil flowing amid Iran war, but it’s getting costly

AI Summary

Gulf nations have maintained oil supply despite the Iran war impacting the Strait of Hormuz, which initially disrupted the passage of about 15 million barrels daily. While oil prices remain high, they have not soared excessively, though political challenges are escalating for US leadership.

When Iran shut down the Strait of Hormuz at the start of the war, choking off sea passage for some 15 million barrels of oil a day, many feared that prices would skyrocket, cratering the world economy. Instead, nearly seven months on, oil is expensive but not exorbitant, and analysts say there is enough oil available to meet current global needs, even as the higher prices cause political problems for US President Donald Trump and others. That’s because Saudi Arabia and other Gulf producers...