How the Iran war could create a new global order in oil

The energy shock from the Iran war may drive long-lasting change in how the global multitrillion-dollar oil market operates — turning a relatively open and smoothly functioning system into something weaponized and fractured.Why it matters: Such a reordering would mean, at a minimum, higher energy prices and inflation, and in the long term could even shake the foundations of the dollar-based global economy and with it, U.S. power.The latest: Iran still has the critical Strait of Hormuz effectivel...