As Iran war exposes global dependence on fossil fuels, the biggest emitters are reaping the rewards

Worst polluters hold world’s future in their hands as they benefit from higher fossil fuel prices, but global trends favour renewables Oil stands at about $110 a barrel and some forecasts have predicted it could reach $150. Food prices are on the rise and are expected to leap further owing to the fertiliser supply crunch, leading the World Food Programme USA to warn that global food insecurity could reach record levels, with 45 million more people pushed into acute hunger. Industries from ste...

By Fiona Harvey Environment editor

Markets ‘completely wrong’ on Iran war, oil could hit $200 a barrel: Economist

John Sfakianakis from Gulf Research Center says the markets are “completely wrong” in pricing out the Iran war, as military buildup and failed negotiations point towards further escalation. He also says the oil markets are currently in a "new paradigm" where the risk premium associated with the Strait of Hormuz has to be taken into account.