Iran reduces oil output amid Strait of Hormuz tensions, threatening long-term production declines and reshaping global energy markets as U.S. gasoline prices rise.

Iran Reduces Oil Output, Risks Long Term Production Decline
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Iran Reduces Oil Output, Risks Long Term Production Decline

Iran is burning its own oil and hauling crude in pickup trucks while Americans pay sky-high gasoline prices, and that contradiction is testing global energy markets and U.S. security. This piece looks at how Iran’s blockade of the Strait of Hormuz is forcing painful short-term moves that may leave long-term damage to its fields, while...