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The Middle East is once again at the center of global energy markets due to the renewed military confrontation involving Iran. Markets, however, should recognize that, unlike in previous crises, the world is entering this new phase with a significantly weaker strategic safety net. At present, crude oil prices still respond to headlines surrounding military operations, shipping incidents, and diplomatic statements. Still, it is now time that markets should no longer overlook the structural consequences of the past months. The world’s emergency buffer has been substantially depleted. Crude oil prices and supply during the first phase of the Iran crisis…
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