The Organization for Economic Cooperation and Development said the war is a test of the resilience of the global economy, with higher energy prices and uncertainty weighing on economic growth the longer it goes on.
The war in Iran has cost the global oil supply roughly 15 million barrels a day, or 15%, so far. A shock that poses a “major, major threat” to the global economy, said Fatih Birol, the head of the the International Energy Agency.
The 100-year-old mandate was intended to protect the U.S. shipping industry. Analysts differ in how much they think waiving it will impact the cost of oil.