World Leaders DIRE WARNING: 'Can't Sleep' Over Iran Crisis

TL;DR

World leaders from Italy, South Korea, and the EU are losing sleep as the Iran crisis triggers global energy shortages, fuel rationing, and currency collapses.

Key Points

• 1.Multiple world leaders have issued dire warnings about the Iran crisis. Italy's defense minister said knowing what could happen 'no longer allows me to sleep,' while South Korea's president called the energy situation 'worse than expected' and said it kept him up at night.
• 2.South Korea faces its first driving restrictions in 35 years. Modeled on the 1970s oil crisis odd/even license plate system, civil servants are already under voluntary driving curbs, and Samsung's stock market is down 20% since the crisis began.
• 3.The EU's energy chief sent a confidential letter urging 'voluntary demand-saving measures.' Dan Jorgensson wrote to member energy ministers suggesting potential travel restrictions, including possible bans on driving or train travel for EU citizens.
• 4.The UK received its last tanker of jet fuel from the Middle East this week. Airports are now considering turning away planes seeking fuel, with European buyers forced to seek supplies from West Africa and the US — a process taking weeks — raising prices dramatically.
• 5.Asian currencies are collapsing under the weight of expensive oil imports. The Indian rupee dropped 10% in its worst annual decline in 14 years, the Japanese yen hit extreme lows, and countries are selling off their own currencies to afford dollar-priced crude, creating a dual crisis.
• 6.Africa is already in full-blown energy rationing, and poorer nations face decimation. Indonesia announced fuel rationing and work-from-home orders; fertilizer plant closures across South Asia are rippling into higher food costs, while analysts project the US GDP will take double the hit that China's will.