Iran War Drives Deeper Oil Shock Than Prices Reveal

New York Times: “Google the price of oil, and you’ll most likely find two widely quoted prices for the commodity, one in the United States, the other in Europe.”

“These prices, which are constantly changing on electronic markets, suggest that although the war with Iran has made energy a lot more expensive, things are not nearly as bad as they were four years ago, after Russia invaded Ukraine.”

“But if you needed an actual tanker full of oil — and quickly — it would cost you dearly.”