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An explainer on how global crude oil benchmarks like Brent and WTI determine the price of oil, and what factors—from OPEC decisions to geopolitical crises—cause sudden price spikes. Three Benchmarks, One Global Market When news headlines announce tha...

A 21-mile-wide chokepoint between Iran and Oman moves roughly one-fifth of the world's daily oil supply. Here is how the waterway works, why it is so hard to replace, and what would happen if it closed. The World's Most Critical Oil Chokepoint At its...
