The U.S.-Israeli war on Iran has effectively shut the Strait of Hormuz, the narrow shipping lane between Iran and Oman through which around a fifth of the world’s daily oil and liquefied natural gas (LNG) supply passes. Top Middle East oil producers Saudi Arabia, Iraq, and Kuwait have all cut production at their oilfields because they have to pump oil into storage if they cannot load it onto oil tankers — and their oil sto
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