Shortages of fuels and chemicals threaten industries from farming to pharmaceuticals
SINCE THE third Gulf war began three weeks ago one number has captured the world’s attention: the price of crude. On March 19th Brent, the global benchmark, briefly surpassed $115 a barrel—higher than its average of 2022, the year Russia launched its full-scale invasion of Ukraine. Some 10-15% of global oil supply remains trapped behind the Strait of Hormuz.
This article appeared in the Finance & economics section of the print edition under the headline “Scattershock”
From the March 21st 2026 edition
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