How the War in Iran Is Reshaping the Energy Landscape
Publisher: Nature
Author(s): Aisha Al-Sarihi
Date: 2026
Topics: Basic Services, Economic Recovery, Extractive Resources
Countries: Iran
The Strait of Hormuz in the Middle East closed for the first time on 2 March, a few days after the US–Israel strikes on Iran, triggering a global energy shock. One-fifth of the global oil and gas trade flows through this narrow sea corridor that separates Iran from the United Arab Emirates and Oman — equivalent to nearly 20 million barrels per day. The current crisis revives concerns over global energy markets and security.
In a matter of weeks, oil prices have surged across Asia, Europe and the United States, with the effects seen at fuel pumps worldwide. Insurance companies have suspended maritime coverage or raised risk premiums for tankers crossing the region. Key oil and gas companies have declared force majeure, releasing themselves from obligations to supply contractual volumes of oil, gas and refined products to their buyers.