Vital energy infrastructure in Iran and neighbouring Gulf states has been attacked, and Iran has effectively…

Vital energy infrastructure in Iran and neighbouring Gulf states has been attacked, and Iran has effectively closed the strait of Hormuz, a conduit for about 20% of the world’s oil and liquefied natural gas. Energy analysts, including Brent Erickson, a managing principal at Obsidian Risk Advisors, have said the administration’s efforts to control prices would not have a meaningful impact until the strait is opened to vessels. “The easing of sanctions raises concerns about the rapid depletion of Washington’s economic toolkit,” to dampen oil prices, Erickson said. “If we’ve reached the point of loosening sanctions on the country we are at war with, we’re really running out of options.”