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Three implications of the oil shock for the turbulent political economy of development cooperation

Sumner, Andy / Stephan Klingebiel
External Publications (2026)

published on globalpolicy.com/blog, 18.06.2026

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The 2026 US–Israel–Iran war has produced what the International Energy Agency describes as the largest supply disruption in the history of the global oil market. Brent crude rose from around $70 at the end of February to a peak of about $140 in early April before settling around $100 as of early June 2026. In a new Brief Andy Sumner and Stephan Klingebiel argue that the significance of the oil shock lies not only in the price increase itself but in its timing. 

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