Taipei, Taiwan —
One month into the war in Iran, a growing shortage of crude oil is threatening to morph into something worse: a shortage of nearly everything.
The conflict in the Middle East has crimped oil and natural gas flows through the Strait of Hormuz, reducing global supply by about one-fifth. The disruption has not only sent fuel prices soaring, but has squeezed supplies of petrochemicals needed to make everyday items like shoes, clothing and plastic bags.
That strain is now spreading into every corner of the consumer market as prices rise for materials like