In evidence of just how fast geopolitical tensions could escalate, Iran responded with its own warning, saying that “in the event that it is subjected to military aggression, Iran will respond decisively and proportionately” in a letter to the United Nations. Backing these warnings with actions, the United States has been building up its already sizable military presence in the Persian Gulf, while Iran has been engaging in military drills, first in the Strait of Hormuz earlier this week, and then in the Gulf of Oman, together with Russia. Put the risk of a war in the Middle East next to the lower spare capacity and sanctioned barrels, and the glut begins to look quite a bit less certain.
Author: Irina Slav
Published at: 2026-02-23 00:00:00
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