Checkpoint Asia

Don’t Forget, Iran Has Its Finger on the Oil Doomsday Machine

Never mind blocking the Strait of Hormuz, if attacked Iran could outright set oil wells in Saudi, UAE and Kuwait alight with missiles

Pepe Escobar, 2018, Oil and Gas Geopolitics: No Shelter from the Storm:

It’s also no secret among Persian Gulf traders that in the – hopefully unlikely – event of a US-Saudi-Israeli war in Southwest Asia against Iran, a real scenario war-gamed by the Pentagon would be “the destruction of oil wells in the GCC [Gulf Cooperation Council]. The Strait of Hormuz does not have to be blocked as destroying the oil wells would be far more effective.”

And what the potential loss of over 20% of the world’s oil supply would mean is terrifying; the implosion, with unforeseen consequences, of the quadrillion derivatives pyramid, and consequentially of the entire Western financial casino superstructure.

Call it a nuclear financial weapon of mass destruction chain reaction. Compared to that, the 2008 financial crisis would be little more than a walk in an ecologically friendly park.