The ongoing war involving Iran, the United States, and Israel has driven a sharp surge in global oil prices, as escalating military strikes and retaliations have disrupted key production facilities, halted shipping through the critical Strait of Hormuz, and raised fears of prolonged supply shortages from the Middle East—a region that supplies a significant portion of the world’s crude. Brent crude and West Texas Intermediate benchmarks have spiked dramatically, with prices briefly exceeding $110–$119 per barrel in recent days before partially retreating but still trading well above pre-war levels around $90–$95, marking some of the highest points since 2022. This geopolitical shock has compounded tighter supplies from OPEC+ production cuts and triggered market panic over potential further attacks on oil infrastructure, pushing energy costs higher worldwide and contributing to broader inflationary pressures on consumers and economies.

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