War Raises Mine Costs: The Hormuz Energy Bill
The 2026 US-Israel war against Iran led to a blockade of the Strait of Hormuz, driving global oil prices to $120 per barrel and doubling diesel prices. This triggered a sharp increase in commodity costs, with iron ore miners facing a $2-per-gallon rise in diesel and a $500 million cost impact.
Source: IEA、Reuters
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