How long is such a headline still going to matter for the United States? Because we can see the outlines of a new global order where the US disengages slightly from the world scene and also from some of its global markets such as for oil. The US is going to become its own world in terms of energy. At some point in time refineries will retool and not need the heavier crudes anymore. The US will establish a price under 100 USD/bbl and the rest of the world a significantly higher, much more volatile one. Oil goes from global to regional again.
Oil resumed its decline after Iran carried out a missile strike in Iraq following the suspension of nuclear talks, while Russia’s bombardment of Ukraine prompted more calls to sideline the OPEC+ producer.