We are heading to a global oil shock that is going to be at least as damaging as the last one from covid if this war drags on. Some countries like those in ASEAN that depend almost exclusively on Gulf oil are going to have to ration their gas, as could EU countries down the road. But even in the US, the price of oil, refined products and other GCC exports is going to surge and potentially push the economy into deep stagflation.
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