Could the world handle an Iranian oil crisis?
over fears that Europe’s new embargo on Iran could spark tensions in the Persian Gulf. So how would the world cope with an Iranian oil crisis, if it came to that? A explores our options — and none of them are pleasant. An Iranian Army soldier stands guard on a military speed boat in the Strait of Hormuz in December. (ALI MOHAMMADI/AFP) In theory, the E.U.’s embargo on Iranian oil imports, set for July, is supposed to cut into Iran’s finances without cranking up the price of crude too high. “The idea here,” says Robert McNally, president of ...
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