Alexander Mercouris
March 9, 2026 · 16 min read
US EU Panic $100 Oil Price; Khamenei's Hardline Son New Iran Leader Gets Putin Backing; Gulf Crisis
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Key Takeaways
- 1We are opening today in a mood of gathering crisis, not just in the United States and the Middle East and in Israel, but across the world with info...
- 2I suspect that the fact that there are now attacks taking place against oil infrastructure in the Middle East contributes to this crisis.
- 3Based on my experience of financial and economic panics, if the oil price reaches $120 a barrel and stays there, and if it starts to go beyond it, ...
- 4The key thing to understand about financial panics is that as we see the oil price rise, the problems in the global economy and in the financial ma...
- 5At some level, policy makers in the west, in the United States, in Europe, in Asia, all understand this.
Overview
We are opening today in a mood of gathering crisis, not just in the United States and the Middle East and in Israel, but across the world with information that the oil price, the international crude oil price, is touching $120 a barrel. Obviously the proximate cause for this steep increase in oil prices, almost a doubling of oil prices, is the closure, the effective closure of the Straits of Hormuz. The fact that oil supply from the Persian Gulf has almost completely stopped.
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