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Iran war has disrupted much more than crude oil market

Since the war in Iran started in late February, everyone has been anxiously following crude oil prices because energy prices affect every household and business every day. The impact of the war has been significant, as illustrated in the crude oil price chart below. Suddenly, evening news reports provide a daily update on consumer gasoline prices. Figure 1 – Source: Petroleum markets responded to disruptions in the Middle East in the second quarter, EIA The impact of the war on other commodities has been equally significant but has received less attention. The war has significantly reduced shipping through the Strait…

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