The biggest global story on Monday is still oil. Reuters reported the U.S.-Israeli war with Iran has stretched into a third week, the Strait of Hormuz remains effectively blocked, and Brent crude has moved back above $100 a barrel. Roughly 15 percent to 20 percent of global oil supply normally moves through that corridor, which gives the conflict immediate global weight.
Washington has already used many of its crisis tools. Reuters reported the U.S. coordinated a large emergency release with the International Energy Agency, eased restrictions on Russian oil purchases, and is even weighing transport rule changes at home. Those steps have not replaced the lost Gulf supply, and new disruptions at the UAE’s Fujairah export hub added to the sense that the shock is spreading.
This is why the story matters beyond foreign policy. Oil at these levels feeds into fuel prices, freight costs, and inflation expectations.
