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The Conversation
The Conversation
Basil Sharp, Professor of Energy Economics, University of Auckland, Waipapa Taumata Rau

Return of the oil shock: lessons from a crisis New Zealand has seen before

New Zealand Oil Robert Muldoon
Jeff Brass/Getty Images

The world’s energy situation is growing more volatile by the day.

The US-Israel war on Iran has effectively shut one of the world’s most important oil choke points, the Strait of Hormuz, sending the price of Brent crude over US $100 a barrel for the first time since the Russian invasion of Ukraine. Tit-for-tat attacks on gas fields in the region are compounding the crisis.

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