Iran war disruption reshapes global economy as oil and gas flows falter

The New York Times reports that the U.S.-Israel war with Iran has severely disrupted Middle East oil and gas flows, sending prices sharply higher. The UAE’s exit from OPEC+ is raising questions about the cartel’s stability, while growing risks to transit through the Strait of Hormuz are tightening crude supplies. The article argues the shock is structural rather than easily reversed by a short-term peace framework, lifting both activity and price levels in spot and futures oil trading.