The war might be between the US, Israel and Iran, but the rest of us are bearing the fallout. Restaurants in India have gone from removing deep-fried food from their menus to shutting down altogether due to a shortage of cooking gas. Closer to the region, in Thailand, civil servants are being ordered to take the stairs instead of elevators to conserve electricity.
Politicians should not be surprised when their best-laid plans collide with the law of unintended consequences. History is rife with examples of well-intentioned decisions gone wrong. The US and Israeli military strike on Iran will likely be remembered as another such example. What was initially seen as a way to contain Iran’s nuclear ambitions has instead triggered a global energy crisis.
Roughly 20% of global oil and gas passes through the Strait of Hormuz, and fears of a prolonged disruption due to an Iranian blockade have caused oil prices to skyrocket. Already, the price of Brent crude has surpassed US$110 ($141) a barrel, reaching levels not seen since Russia first invaded Ukraine in 2022.
