A 1970s-style shock—but not a 1970s-style crisis

When the Iran war first erupted, I initially viewed it through the lens of recent history—expecting a familiar “price spike and fade” similar to the 1990 Gulf War, the 2003 Iraq War or even the 2022 Russia–Ukraine conflict. In those episodes, oil prices surged but fell back quickly, and supply remained available to those willing […]... Keep on reading: A 1970s-style shock—but not a 1970s-style crisis

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