Oil on Fire: War impacts global energy markets

Attacks on energy facilities in Qatar and Saudi Arabia, coupled with an Iranian blockade of the Strait of Hormuz, are causing a surge in global oil and gas prices. According to a March 4, 2026, Al Jazeera report, these disruptions are predicted to increase energy costs worldwide. The rising prices are expected to impact gasoline, electricity, and heating expenses for consumers. The events in the Middle East are the primary driver behind the anticipated global energy market instability. Analyst Marah Rayan examined the potential consequences of these events.