The world has just a few weeks before taking an economic toll from the re-escalation in the Middle East and the new halt to tanker traffic through the Strait of Hormuz, according to Fatih Birol, the Executive Director of the International Energy Agency (IEA). The situation in the region has sharply deteriorated in the past week as Iran struck commercial vessels transiting the Strait of Hormuz, including two supertankers operated by the Abu Dhabi national oil company of the UAE, and the U.S. carried out a series of strikes on Iran and reinstated…

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