The Group of Seven (G-7) said it is prepared to take further measures to stabilize global energy markets, as volatility driven by the Iran conflict continues to ripple through oil and gas supply chains.
Momentary price spikes aside, the recent conflict and now uneasy ceasefire between Israel and Iran has done little to alter the trajectory of global oil markets, according to a new analysis by S&P Global Commodity Insights.
F. Gregory Gause, professor emeritus of international affairs at Texas A&M University’s Bush School of Government and Public Service, doesn’t believe Iran has the naval capability to close the Strait of Hormuz. If oil tankers begin avoiding the Strait, which 20% of the world’s oil and natural gas travels through, prices could rise, benefiting Texas producers.