Oman Oil Slick and Iran's Long War Strategy Threaten Global Energy Markets

The Middle East conflict has escalated into an environmental crisis as an oil slick from a grounded tanker reaches Oman's coastline. The tankers' grounding is part of Russia's so-called 'shadow fleet', which has been sanctioned by several countries, including the European Union, Britain, Canada, Switzerland, and Ukraine.

The Strait of Hormuz remains at the center of the conflict's economic consequences, with a significant share of global oil shipments passing through it. The disruption has already led to a 40% drop in Gulf oil exports in July, according to Reuters. Brent crude recently surged above $90 a barrel before settling at $88.91.

Tehran has signaled that it may be prepared to sustain its confrontation with the US for years, with a senior adviser suggesting that one possible strategy was to prolong the war into the next US presidential term and impose sufficient costs on Washington to create a lasting deterrent.