War in Iran, effect on world Energy Market.
20
Conflicts involving Iran have caused immediate, significant disruption to the global energy market, primarily by threatening oil and liquefied natural gas (LNG) shipments through the Strait of Hormuz, which handles ~20% of global supply. Brent crude prices spiked above $110/barrel, while global shipping slowed, forcing production cuts in Gulf nations and driving up international fuel and natural gas prices. 
Al Jazeera
+3
Key Impacts on Global Energy Markets (As of March 2026):
- Strait of Hormuz Disruptions: Attacks on infrastructure and shipping have created a bottleneck in the key chokepoint, with shipping volume nearing a standstill in early March 2026.
- Surging Oil and Gas Prices: Brent crude surged over $100 per barrel and continued to rise, while European natural gas prices saw sharp increases.
- Production Cuts: Due to blocked export routes and filled storage, oilfields in Iraq, Kuwait, and the UAE have faced, or are facing, production cuts.
- Infrastructure Attacks: Iranian-related actions have targeted regional refineries and energy infrastructure, leading to shutdowns and potential long-term damage.
- Energy Exports Halted: Major suppliers like Qatar have reported disruptions, including declarations of force majeure on gas exports following attacks.
- Transportation Fuel Spikes: Jet fuel prices soared to between $150–$200 per barrel, leading to increased airfare costs globally and forced rerouting of flights. Al Jazeera
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These disruptions have created a severe, lasting upward pressure on global energy prices, impacting not just the Middle East but increasing costs for energy consumers in Europe, Asia, and the United States. 
Bruegel
+1
