How escalating Iran conflict is driving up oil and gas prices – a visual guide

The Guardian - World NewsEN 4 min read 100% complete by Rob Davies, with graphics by Lucy Swan, Harvey Symons, Heidi Wilson and Seán ClarkeMarch 2, 2026 at 08:13 PM

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Escalating conflict involving Iran and the US/Israeli attacks is disrupting oil and gas supplies in the Middle East, driving up global prices. Iran has launched strikes against oil facilities and shipping in the region, particularly impacting the Strait of Hormuz, a critical waterway for approximately 20% of the world's oil supply. Shipping traffic through the strait has significantly decreased due to safety concerns, with several tankers damaged and at least one fatality reported. Consequently, the price of oil initially surged by over 10%, and experts predict further increases if the conflict continues, potentially reaching $100 per barrel.

Key Entities & Roles

Key Player Opposition Context

Honduras 30% City Index 30% Dubai 40% Donald Trump 40% Jebel Ali 40% Israel 60% Oman ×260% Tehran ×270% United States 70% Middle East ×280% Iran ×790% Strait of Hormuz ×595%

Keywords

oil prices 90% strait of hormuz 90% iran conflict 90% gas prices 80% shipping traffic 70% oil facilities 60% global economy 60% middle east 50% fuel tanker 40%