The Iran war oil prices have skyrocketed past $100 a barrel as the U.S.-Israeli conflict chokes the Strait of Hormuz closure, slashing global oil flows by 20% and triggering Gulf oil attacks across all six GCC states for the first time.
The Strait of Hormuz — world’s top oil chokepoint — dropped to two daily transits from 138, says UK Maritime Trade Operations. Iran’s Revolutionary Guard shut it, hitting 10 ships and killing seven crew since February 28 amid the global oil crisis 2026. No war-risk insurance; ships stranded.
Iran war disrupts oil markets:
Prices Hit $120 PeakBrent crude closed at $103.14 Friday after a $120 spike — up 40% from pre-Iran war levels, rivaling 2022 Ukraine shocks. U.S. Energy Secretary Chris Wright flags no fast fix without dismantling Iran’s Strait threats.
Qatar force majeure; Iraq cuts output; Saudi, UAE, Kuwait loading stalls. OPEC response Iran conflict: +206,000 barrels daily — too little, per analysts. Iran slips 11 million barrels to China.
Gulf oil attacks spread:
Missiles hit every GCC state
Hundreds of Iranian missiles/drones target Bahrain (125 missiles, 203 drones downed), Saudi Arabia (10 over Riyadh Sunday), and all GCC nations, ACLED reports. 12 civilian deaths, mostly migrants (AP).
U.S. strikes Kharg Island March 13, nuking missile sites. Iran threatens U.S. oil targets; blames UAE bases.
Ending global oil crisis 2026:
Trump calls for warships, G7 ReservesTrump rallies China, France, Japan, South Korea, UK for warships to bust Strait of Hormuz closure. G7 preps record strategic reserve dump.
Toll: 1,200 Iranian dead (health ministry); 13 U.S. troops. 3.2M displaced (UN). Iran war oil prices threaten energy chaos worldwide.
