Strait of Confrontation: Oil, Politics, and a Global Economic Pinch The United States and Iran are locked in a high stakes game of military one upmanship, with global oil prices pushing above $100 per barrel for the first time since May.
The latest escalation is not just about energy supplies; it's also a battle for control of critical shipping lanes.
The Houthi rebels' attack on two Saudi oil tankers in the Red Sea has sparked a US military retaliatory campaign against Iran.