Axios: Oil’s COVID moment

Oil’s COVID moment
 
Photo illustration: Brendan Lynch. Photos: Getty Images

The oil shortage triggered by the Iran war will spread globally much like COVID did, Axios’ Emily Peck writes.

Natasha Kaneva, head of global commodities research at JPMorgan, said in a note that it’s a slow-motion crisis: “Much like during COVID, the shock unfolds sequentially rather than simultaneously — a rolling supply disruption moving westward, dictated by shipping times and buffered unevenly by regional inventories.

The average gas price in the U.S. is $4.02 today — just a preview of more pain to come.

Prices could get high enough to force people and companies to stop using oil — “to get a whole bunch of cars and trucks off the road, ships off the seas, planes out of the sky, et cetera,” economics journalist Peter Coy writes.A line chart that tracks the average U.S. price of a gallon of regular gas from Jan. 1, 2025, to March 31, 2026. Prices rose from $3.06 in January 2025 to $4.02 by March 31, 2026.Data: AAA. Chart: Sara Wise/Axios 


Ships carrying oil from the Persian Gulf first reach Asia, then Europe, then the U.S., about 40 days after leaving.

Asia is feeling the squeeze of lost supply, but the pain is still muted elsewhere.

President Trump is signaling he wants to wrap things up. But he has sent mixed messages — and the U.S. operation may end without unclogging the Strait of Hormuz. (More from Barak Ravid.) 

The bottom line: Six years after the pandemic, there’s another global crisis brewing on the other side of the world — and once again, that reality hasn’t quite hit home.Go deeper.
    
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About michelleclarke2015

Life event that changes all: Horse riding accident in Zimbabwe in 1993, a fractured skull et al including bipolar anxiety, chronic fatigue …. co-morbidities (Nietzche 'He who has the reason why can deal with any how' details my health history from 1993 to date). 17th 2017 August operation for breast cancer (no indications just an appointment came from BreastCheck through the Post). Trinity College Dublin Business Economics and Social Studies (but no degree) 1997-2003; UCD 1997/1998 night classes) essays, projects, writings. Trinity Horizon Programme 1997/98 (Centre for Women Studies Trinity College Dublin/St. Patrick's Foundation (Professor McKeon) EU Horizon funded: research study of 15 women (I was one of this group and it became the cornerstone of my journey to now 2017) over 9 mth period diagnosed with depression and their reintegration into society, with special emphasis on work, arts, further education; Notes from time at Trinity Horizon Project 1997/98; Articles written for Irishhealth.com 2003/2004; St Patricks Foundation monthly lecture notes for a specific period in time; Selection of Poetry including poems written by people I know; Quotations 1998-2017; other writings mainly with theme of social justice under the heading Citizen Journalism Ireland. Letters written to friends about life in Zimbabwe; Family history including Michael Comyn KC, my grandfather, my grandmother's family, the O'Donnellan ffrench Blake-Forsters; Moral wrong: An acrimonious divorce but the real injustice was the Catholic Church granting an annulment – you can read it and make your own judgment, I have mine. Topics I have written about include annual Brain Awareness week, Mashonaland Irish Associataion in Zimbabwe, Suicide (a life sentence to those left behind); Nostalgia: Tara Hill, Co. Meath.
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