CAPE TOWN—The global fallout from the Iran war demonstrates once again that for investors, fossil fuels are not just another commodity exposure, but a geopolitical liability. Oil and gas prices have always been structurally unstable, such that supply disruptions anywhere can trigger sudden economic shocks everywhere. And because oil sits at the center of the global energy system, volatility spreads quickly through the financial system.

Attila Kisbenedek/AFP via Getty Images Politics 0 Why Orbán Lost László Bruszt The downfall of Hungary's autocratic prime minister, whose model of "illiberal democracy" became a lodestar to many on the right—was a consequence of that model's own logic. Whatever happens next, one thing is certain: democracy's friends and foes alike will be watching closely. says that an illiberal regime with no internal or external constraints necessarily becomes undisciplined.

The downfall of Hungary's autocratic prime minister, whose model of "illiberal democracy" became a lodestar to many on the right—was a consequence of that model's own logic. Whatever happens next, one thing is certain: democracy's friends and foes alike will be watching closely.

Sergei Supinsky/AFP via Getty Images Longer Reads 0 No Exit from Stalin Nina L. Khrushcheva As misguided as the Bolshevik vision was, it was driven by a desire for progress—something that leaders like Nikita Khrushchev understood. The opposite is true of Vladimir Putin’s fundamentally regressive vision for Russia. considers what a new history of the late Soviet Union says about Russia under Vladimir Putin.

As misguided as the Bolshevik vision was, it was driven by a desire for progress—something that leaders like Nikita Khrushchev understood. The opposite is true of Vladimir Putin’s fundamentally regressive vision for Russia.

Jonathan Raa/NurPhoto via Getty Images Politics 0 How Trump’s Crypto Push Is Undermining American Power Jayati Ghosh warns that the administration’s policies are turning digital assets into a geopolitical weapon.

How Trump’s Crypto Push Is Undermining American Power

The consequences are particularly acute for African economies, whose currencies come under........

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