Oil

Trump has been caught flat-footed on Iran

Donald Trump has become something of a sole man. His cabinet members and White House visitors report that the president has developed a penchant for handing out $145 Florsheim shoes in an effort to up their sartorial game. In his Life of Johnson, Boswell reported that Dr. Johnson recoiled at an “eleemosynary supply” of shoes as an impecunious student at Christ Church, Oxford and threw them away with indignation. Trump’s followers have no such freedom of action. “All the boys have them,” one official told the Wall Street Journal, which ran a picture of his administration leaders obediently lined up and wearing the same shiny black leather numbers. The war increasingly resembles a prolonged exercise in folie de

Can Russia’s shadow fleet be stopped?

Of all the weapons in Vladimir Putin’s arsenal, the most strategically crucial has proved to be not hypersonic missiles but the motley fleet of oil tankers that have allowed Russian oil to keep flowing to international markets. Oil dollars have been the lifeblood of Russia’s war economy during four years of conflict. And the West’s failure to shut that export business down has, so far, been the single most important factor behind Putin’s continued military resilience. Economic sanctions were supposed to be the West’s superpower to punish the Kremlin for invading Ukraine in February 2022. So how come Russia now exports more oil by sea than it did at the

shadow fleet