A historian traces how Oil City brokers, then John D. Rockefeller, then futures exchanges decided what the world pays for crude – and why no one entity does today.
Articles on Strait of Hormuz
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Any work to ease current shortages and price hikes while the Strait of Hormuz remains closed will take years and billions of dollars.
The pact with Turkey and Pakistan has evolved quickly from a vague political commitment. Riyadh hopes it will help it navigate a thorny Middle East crisis.
Seven months into the US conflict with Iran, with no clear end in sight, the global oil market has now largely exhausted the safety measures that exist to keep a lid on petroleum prices.
The Portuguese, Dutch and British empires all vied for control over these vital shipping lanes.
Saudi Arabia’s escalating conflict with the Houthis in Yemen will force its new defence partners Turkey and Pakistan to confront some difficult questions.
As renewed chaos grips the oil market, China is reaping the benefits of electric vehicles. But Australia’s reliance on diesel leaves it exposed.
Seizure of the Bab el-Mandeb Strait complicates a widening conflict in the Persian Gulf. It also risks reigniting Yemen’s civil war.
The resumption of fighting, paired with the ongoing closure of the Strait of Hormuz, complicates regional strategy and energy policy for the Gulf powerhouse.
The move suggests Iran and its allies are settling in for a long war. That could mean pain for the global economy.
On the Strait of Hormuz seabed are vital communication cables linking Gulf states with the rest of the world.
Rapid expansion of the bloc means that its 21 members have deeply divergent interests, particularly in the Middle East.
Japan is one of the countries most affected by restrictions placed on one of the world’s most important choke points.
Research links unsafe conditions, long hours and poor sleep with worse mental health at sea. Conflict can intensify each of these pressures.
The US-Israeli war against Iran appears to be entering a new cycle of escalation.
The Reserve Bank has increased the official cash rate to 2.75%. But much of the inflation affecting New Zealand wallets is imported and beyond the bank’s control.
Most factions are looking for a negotiated settlement. But there are still powerful people who oppose a deal at any cost.
Washington has promised to unleash “economic D-Day” on Tehran and its allies. But Iran has lived through US sanctions for nearly 50 years.
An oil spill has reached Qeshm Island’s mangrove forests, with a possibly devastating environmental impact.
Neither side can stomach a strategic defeat. Nor can they find a way to an exit ramp.
Top contributors
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Professor in International Politics, City St George's, University of London
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Honorary Research Fellow, Department of International Politics, City St George's, University of London
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Lecturer in Energy Systems, University of Oxford
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Adjunct Professor, Defence and Security Institute, The University of Western Australia; UNSW
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Professorial Fellow, University of Canberra
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Associate Professor in International Politics, UCL
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Fellow for the Middle East at the Baker Institute, Rice University
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Executive Co-Director, Institute for Water, Environment and Health (UNU-INWEH), United Nations University; Technical University of Hamburg
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Associate Professor in International Relations, UNSW
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Assistant Professor of International Relations, American University
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Professor in Global Thought and Comparative Philosophies, Inaugural Co-Director of Centre for AI Futures, SOAS, University of London
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Assistant Professor in Circular Supply Chains, University of Bradford
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Lecturer in Sustainable Freight Transport and Logistics, University of Leeds
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Associate Professor in Operations and Supply Chain Management, UTS Business School, University of Technology Sydney
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Lecturer, Department of War Studies, King's College London