A disastrous Iran war? The US is now a mover and shaker of oil markets

Many see the US war on Iran as a colossal geopolitical bungle, failing to secure its larger strategic objectives. Yet it has allowed the blundering Trump administration to move into an immensely powerful position – one it seems ready to embrace. With its new-found sway over Venezuela’s oil reserves, degradation of Iranian exports and selective sanctions on Russian oil, Washington has unexpectedly acquired several important levers of the global petroleum trade. Iran has worked hard to play...