On September 30, the last American and coalition troops flew out of Erbil Air Base, and the Pentagon declared an “orderly departure.” The White House called it a victory. President Trump, never one for understatement, described the whole enterprise as “a very expensive excursion into Hell.” For once, the hyperbole is closer to the truth […]

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In 2023, the International Energy Agency predicted that by 2028 the world’s oil companies would produce more oil than people wanted to buy. Prices responded to that and similar projections of slowing oil demand, dropping too low to attract investment for new wells and refineries. No forecast anticipated that the Strait of Hormuz, the main […]

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The Houthi takeover of parts of the Red Sea gives the armed group a new platform to challenge global shipping. The group has taken over the port of Mocha, the island of Mayyun, and the Zuqar and Hanish archipelago about 160km north of the Bab al-Mandeb Strait. These areas were previously controlled by Yemeni government […]

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