The war in Iran reached a new extreme this week, as both Israel and Iran launched strikes on oil and gas production and export facilities. The attacks up the stakes in a war that was already choking energy and commodity markets, and will threaten the long-term health of the global economy. On Friday, the International Energy Agency recommended that people work from home, drive slowly, and use gas stoves sparingly in order to alleviate price shocks from the crisis.
The situation in the Persian Gulf is so…
