The Persian Gulf is the jugular vein of global oil supply. Roughly one-fifth of all oil traded on earth transits the Strait of Hormuz. Since the war picked back up on February 28th, data reported to Goldman Sachs show an estimated hit to Persian Gulf oil exports that has since reached approximately 16% of global supply. The conflict that has been simmering for decades, but had been rather quiet since last summer, has now cascaded from a regional war into the largest oil supply shock in recorded history. To appreciate the scale: the Iraqi invasion of Kuwait in 1990 — long considered the...

Tensions between Russia and Azerbaijan have reached new highs following a dramatic series of arrests and retaliatory actions.