The ramifications of the US attack on Iran have been a harsh reminder of the centrality of oil to the global economy – and not just for fuel and transport. Political economist Adam Hanieh reflects on the rise of crude oil in the 20th century. He argues that the blockage in the Gulf threatens to set off a more serious global crisis than seen in the 1970s.
Adam Hanieh, Crude Capitalism: Oil, Corporate Power, and the Making of the World Market Verso, 2025