中东战争

The oil price war

For an Iranian regime facing existential struggle, pushing crude up is key measure of success

A viral Iranian propaganda video, shot in the style of a Lego movie, offered a glimpse this week of how Tehran is claiming victory in one of the main fronts in its war with the US: the oil market.

Seven armed speedboats race towards tankers to close down shipping in the Strait of Hormuz. Financiers weep and shake as oil prices surge. Arabs look on in despair as crude sales collapse. 

The video sequence and the real-life war, which has closed the strait and set tankers ablaze, reveal how soaring oil prices have become one of Iran’s most potent weapons in a conflict that has also involved great human cost.

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