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May 21, 2026
Iran Conflict Supply Shocks Highlight Importance of Domestic Energy Production
The Wall Street Journal reports that the Iran conflict has caused about 15% of global oil supply to be removed from the market. Due to the supply loss, Brent crude oil prices, the world benchmark, are above $100 a barrel, and U.S. gasoline prices are averaging over $4.50 a gallon. The...