NEW YORK: In India, there is a shortage of cooking gas. In California, motorists are paying $6 a gallon for gasoline. They are both symptoms of the worst-ever energy supply disruption. They are also directly connected, and evidence of the knock-on effects across the global economy of the U.S.-Israeli war with Iran.
Iran's near-closure of the Strait of Hormuz has thrown global oil trade into disarray, cutting off importers from around one-fifth of the global oil supply that traversed the waterway before the war. This has forced oil buyers to burn through stockpiles and take other emergency measures to manage global fuel shortages.
