Pepe Escobar, 2018, Oil and Gas Geopolitics: No Shelter from the Storm:
It’s also no secret among Persian Gulf traders that in the – hopefully unlikely – event of a US-Saudi-Israeli war in Southwest Asia against Iran, a real scenario war-gamed by the Pentagon would be “the destruction of oil wells in the GCC [Gulf Cooperation Council]. The Strait of Hormuz does not have to be blocked as destroying the oil wells would be far more effective.”
And what the potential loss of over 20% of the world’s oil supply would mean is terrifying; the implosion, with unforeseen consequences, of the quadrillion derivatives pyramid, and consequentially of the entire Western financial casino superstructure.
Call it a nuclear financial weapon of mass destruction chain reaction. Compared to that, the 2008 financial crisis would be little more than a walk in an ecologically friendly park.