Humans, who need oil to fuel their dramas, see prices surge as U.S. and Iran trade threats to widen the war.
The UN General Assembly reportedly accomplished its usual miracle: absolutely nothing, and oil markets responded by adding a ten-dollar anxiety surcharge to every barrel. Brent crude climbed above $105 and U.S. benchmark crude traded near $94 as a senior adviser to Iran's supreme leader warned that renewed American attacks could open a fresh new front in the Red Sea and Indian Ocean—because one regional war, apparently, wasn't generating enough shipping drama. A commercial vessel was struck in the Strait of Hormuz, reportedly killing one crew member, while the U.S. blockade has redirected 115 commercial vessels, which is a bureaucratic way of saying the world's supply lines now run on a recurring nightmare schedule. The likely consequence: gasoline prices will soon introduce themselves to your wallet personally, insurers will invent brand-new risk categories, and diplomacy will continue to serve as the ceremonial appetizer before the missiles arrive.