#oil-strikes

#oil-strikes

The CPI data due this month will be the first hard measure of American consumer prices since the Strait of Hormuz became a conflict zone, and every early signal points to a number that will shock people who stopped paying attention to energy transmission mechanisms after 2022.

We, the Ministers of Foreign Affairs of Belgium, Croatia, Estonia, Finland, Iceland, Italy, Ireland, Latvia, Luxembourg, Moldova, Norway, Poland, San Marino, Spain and Sweden, concerned by the conflict in the Middle East, are appalled by the dramatic situation and renewed escalation of violence in Lebanon, where there are already 1.2 million internally displaced persons, representing some 25% of the overall population.

The so-called 'petrodollar' system wasn't well understood for most of this time, but a secret deal between Henry Kissinger and Saudi Arabia ensured the dollar would remain the dominant reserve currency.

Major indices, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, all recorded gains, with the Nasdaq delivering its strongest weekly performance since November.

Moscow's economic gains from higher oil prices contrast sharply with Iran's struggles, as the US-Israel conflict intensifies, complicating their alliance.

If the chokepoint were shut, along with the Strait of Hormuz, a quarter of the world's energy and a giant chunk of Asia's exports to Europe would be blocked.

Australia's economic insulation is no longer guaranteed by geography, as geopolitical unrest in the Middle East can swiftly impact its economy through international energy markets.

The war has effectively blocked the Strait of Hormuz, the world's most important oil route, since the end of February and cut exports from OPEC+ members Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Iraq.

Some businesses and countries have tested the four-day model, with many reporting productivity actually increased as a result, while burnout and turnover rates plunged.

From 28 March, Prime Minister Mostafa Madbouly announced that emergency energy-saving measures will run for one month to reduce consumption and ease pressure on supplies.