Hormuz and the end of the old oil order

The Middle East conflict makes clear that great‑power politics now matter as much as OPEC quotas and output

When Brent crude briefly crossed $120 a barrel last week amid renewed Hormuz tensions and the UAE’s exit from OPEC, market reactions suggested something beyond just another cyclical oil shock. Markets are recognizing the erosion of the framework that governed global crude flows for decades.

The UAE’s move has triggered familiar debates over quotas...