The attacks by the US and Israel on Iran, which started on 28 February 2026, upended key supply chains, driving oil prices above US$100 a barrel. The spike followed Iran’s closure of the Strait of Hormuz in response to the US and Israeli action. About 20% of the world’s oil supplies are transported through the strait.
In the words of the International Energy Agency:
The war in the Middle East is creating the largest supply disruption in the history of the global oil market.
