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Letter from the Middle East: Iran-Israel war risks dire straits
A blockade of the Strait of Hormuz would have reverberations that would sound around the world
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Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
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Egypt’s government was already preparing for potential energy shortages this summer, and the loss of Israeli gas supply has made things worse
The oil risk premium fable
Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
Saudi Arabia and Russia pull OPEC+ in different directions
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Iraq seeks alternatives to Iranian gas
The country is facing energy shortfalls this summer amid reduced Iranian gas imports and difficulties leasing an FSRU
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Is a Russia-Iran gas deal on the horizon?
Russia has ample spare gas, and Iran needs it, but sanctions and pricing pose steep hurdles.
Saudi-US energy ties adapt to multipolar world
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A new energy order in the UAE and Saudi Arabia
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Saudi Arabia Iran Yemen Opec
Gerald Butt
21 March 2018
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The Gulf stare down continues

Tension between the nations is high, but war doesn't appear to be on the cards, despite escalating Saudi rhetoric

"Saudi Arabia has the right to defend itself and take what measures it deems appropriate to do so," wrote a columnist in the influential Saudi daily al-Riyadh in February. The article was headlined: "What if a Saudi rocket was launched towards Tehran?". The author was commenting on the interception of missiles fired by Houthis in Yemen towards targets inside Saudi Arabia. The Saudis accuse Iran of supplying the rockets and instructing the Houthis in their use. There's no indication that Saudi Arabia plans to retaliate by firing missiles at Iran. But the rhetoric from the Saudi side has gone up a gear. Things are beginning to look dangerous. In the view of Colonel Lawrence Wilkerson, chief of

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