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Two of energy analysts’ fears have
come true at once:
Iran lashing out at its oil-rich neighbours and a blockade of the Strait of Hormuz, through which lots of oil and gas is shipped. Asian buyers will be the first to feel the pain, but European prices will soon catch up. America will get off more lightly even though it started the war.
Meanwhile, in a region plagued by conflict Dubai seemed to stand apart, attracting rich expats, tourists and big companies. Iran’s attacks have shaken the city’s sense of safety. Its rulers are doing their best to instil confidence, but much is out of their control,
reports our correspondent.
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