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How Global Energy Markets Survived Eight Months of Iran War Disruptions

Six months ago, I wrote that Americans were experiencing the Iran war primarily through higher prices, while much of the rest of the world was confronting something more serious: actual shortages of fuel and other critical products. In “The U.S. Feels Higher Prices While The World Is Facing Fuel Shortages,” I highlighted several pressure points created by the disruption of traffic through the Strait of Hormuz. India was struggling to secure liquefied petroleum gas, or LPG, fertilizer markets were tightening, Europe faced potential…