Ongoing geopolitical risks from the Red Sea conflict may cause a surge in energy prices, even as prices remain stable for the moment.
Driving the news: Fallout from the Israel-Hamas war, and worsening U.S.-Iran tensions, are endangering the stability of the global supply chain. In its 2024 outlook released earlier this month, the World Bank warned that "inflationary bottlenecks" were a real possibility.
President Biden jolted the energy and climate worlds by pausing liquefied natural gas export approvals, and in doing so stirred up several political and business risks ahead of the 2024 election.
The big picture: The Energy Department announced on Friday it would freeze new permits as officials reassess the climate, energy security and market effects.