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Israel-Iran War:

Balance of Power

New Oil Geopolitics Laid Bare By Iran Conflict

Thanks to a decade-long shale boom, the US has emerged as the world’s biggest oil producer.

A refinery on the South Pars Gas-Condensate field in Asalouyeh Seaport in Iran.Photographer: Saeid Arabzadeh/AFP/Getty Images

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By Grant Smith

June 25, 2025 at 10:03 AM UTC

Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.

The past two weeks of Middle East turmoil, culminating in President Donald Trump ordering airstrikes on Iran, can be hard to digest.

Before it’s here, it’s on the Bloomberg Terminal

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