After news broke of a U.S.-Israeli strike on the Islamic Republic of Iran, for many people the first question wasn’t about military strategy — it was about the price of gasoline. Indeed, oil futures ...

Oil markets have a stubborn habit of teaching the same lesson twice. The first time hurts. The second time costs even more.

The Strait of Hormuz – the narrow waterway through which between 20% and 25% of the world’s seaborne oil normally passes – has been effectively closed for just over two months. The immediate ...