Iran war threatens prolonged impact on energy markets as oil prices rise
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The United States-Israeli war on Iran, now in its eighth day as of March 8, 2026, threatens a prolonged impact on global energy markets. The conflict has already suspended approximately one-fifth of global crude oil and natural gas supply, leading to a surge in oil prices by over 25%. This increase has driven up fuel prices for consumers worldwide, with the U.S. national average petrol price reaching $3.41 per gallon. The conflict has disrupted logistics and damaged facilities, particularly with Iran targeting ships in the Strait of Hormuz and attacking energy infrastructure. Major oil producers in the region have suspended shipments, potentially impacting the global economy and posing a political challenge for the U.S. President.
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