Lena Petrova: Fears of Global Shortage of Crude Oil Send Prices up Amid Massive Port Strikes

In the ever-evolving landscape of global economics, few events can send shockwaves through markets quite like an oil supply shock. Recently, a combination of massive port strikes and geopolitical tensions has led to an unprecedented surge in crude oil prices, igniting fears of a potential global shortage. As countries scramble to secure their energy supplies, it’s essential to understand the underlying factors that are driving this crisis and what it means for consumers and industries alike. At the heart of the current oil supply shock are significant labor strikes at key ports worldwide. Discontent among workers regarding wages, working conditions,…