Crude oil prices have fallen by more than half in the past six months, a collapse that poses profound implications for the global economy and the international order. No country has been hit harder than Iran by the price collapse, which has unfolded at a critical interval for the country’s domestic political balance and its .
The price collapse comes after more than a decade of mostly boom years for oil producing states, interrupted only briefly by the 2008 global financial crisis. —
Rather than serving as a unifying diplomatic exercise to highlight Iran’s troubling regional activities, the [Warsaw] summit primarily highlighted America’s diplomatic isolation from its European allies.