Oil surges to $100 again as Gulf attacks mount. Tehran says it’s ready to squeeze global oil until crude hits $200 a barrel. We explain why markets are taking that threat seriously and how it’s reshaping everything from shipping costs to inflation bets.

Today’s recommended read: Iran oil shock prompts ECB hawks to seek 2021/22 rematch, by Mike Dolan

Produced by Eliza Davis Beard, Ethan Plotkin, and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

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