Iran war threatens prolonged hit to global energy markets

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Iran targets U.S. sites in UAE despite vow to halt attacks on neighbors Trump says Iran has “surrendered” to neighbors after U.S.-Israel attacks Oil at $100 could lift U.S. inflation, but persistence is key, Barclays says Goldman warns oil prices could break 2008, 2022 highs on Hormuz disruption (South Africa Philippines Nigeria) Iran war threatens prolonged hit to global energy markets By Commodities Published 03/07/2026, 12:53 PM Updated 03/07/2026, 12:54 PM Iran war threatens prolonged hit to global energy markets 0 CL 12.21% NG 6.09% MRPL 5.25% 2222 -0.84% By Timour Azhari and Marwa Rashad March 7 - The U.S.-Israeli war with Iran could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics, and elevated risks to shipping. The outlook poses a global economic threat and a political vulnerability for U.S. President Donald Trump leading into the midterm elections, with voters sensitive to energy bills and unfavorable to foreign entanglements. "The market is shifting from pricing pure geopolitical risk to grappling with tangible operational disruption, as refinery shutdowns and export constraints begin to impair crude processing and regional supply flows," JP Morgan analysts said in a research note on Friday. The conflict has already led to the suspension of around a fifth of global crude and natural gas supply, as Tehran targets ships in the vital Strait of Hormuz between its shores and Oman, and attacks energy infrastructure across the region. Global oil prices have surged more than 25% since the start of the war, driving up fuel prices for consumers worldwide. A nearly complete shutdown of the Strait means the region’s giant oil producers - Saudi Arabia, the United Arab Emirates, Iraq and Kuwait - have had to suspend shipments of as much as 140 million barrels of oil -...