Oil remains central to the global economy and security architecture. Even as the world aspires to confront climate change and curb its appetite for fossil fuels, it continues to depend heavily on oil to power its cars, trucks, tanks, jets, and ships.
The debilitating attacks on Saudi Arabia’s oil industry last month, which the United States has attributed to Iran, were a reminder of the fragility of the oil market, and how certain world actors such as Iran may attempt to use this to their geopolitical advantage. Iran and its proxies could hold major oil facilities in the Middle East hostage, threatening to destroy them if their demands are not met.
Read the full report at the Council on Foreign Relations.