Oil Shocks, Political Upheaval and the One Solution Governments Keep Ignoring

LONDON, March 16 (IPS) - Once again, global oil prices are spiking, driven by the Israeli-US war against Iran. With Iran retaliating by attacking infrastructure and transport hubs and blocking the Strait of Hormuz, through which one-fifth of the world’s oil passes, oil supplies from the region are being choked, pushing up prices. The cost of a barrel of Brent crude – the international benchmark for oil prices – stood at US$73 before the conflict but has surged beyond US$100 since. It could go higher still as war continues.

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