Oil Shocks, Political Upheaval and the One Solution Governments Keep Ignoring By Andrew Firmin Copyright © 2026 IPS-Inter Press Service.

Oil Shocks, Political Upheaval and the One Solution Governments Keep Ignoring By Andrew Firmin https://www.ipsnews.net/2026/03/oil-shocks-political-upheaval-and-the-one-solution-governments-keep-ignoring/?utm_source=email_marketing&utm_admin=146128&utm_medium=email&utm_campaign=Pakistans_Solar_Boom_to_Tide_Over_Middle_East_Energy_Crisis_Philippines_ICC_Hearing_Gives_Survivors_ LONDON, Mar 16 2026 (IPS) - Once again, global oil prices are spiking, driven by the Israeli-US war against Iran. With Iran retaliating by attacking infrastructure and transport hubs and blocking the Strait of Hormuz, through which one-fifth of the world’s oil passes, oil supplies from the region are being choked, pushing up prices. The cost of a barrel of Brent crude – the international benchmark for oil prices – stood at US$73 before the conflict but has surged beyond US$100 since. It could go higher still as war continues. Copyright © 2026 IPS-Inter Press Service.