Why Gulf nations would bear brunt of Hormuz tolls

Wall Street Journal: Economists say that a $1-a-barrel toll would have little impact on oil prices or the world economy. Since oil is a globally priced commodity, producers in the Persian Gulf, such as Kuwait and the U.A.E., couldn’t simply add a surcharge because in the longer term they compete with oil from regions that don’t have to pay the toll, such as the U.S. That means Gulf producers would need to eat the cost…