Global oil prices surge above one hundred dollars amid Iran conflict
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- First seen: March 7, 2026 at 09:43 PM UTC
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- Last updated: April 8, 2026 at 06:04 AM UTC
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- Activity score: 2.55
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Coordinates: 35.7000, 51.4000
View on mapWhy the oil and gas price shock from the Iran war won’t just fade away
Rerouting and diversification cannot help when a significant chunk of oil and gas have been taken off the market.
Al JazeeraMarch 23, 2026 at 06:06 PM UTCHow the Iran war is about to hit your wallet
Strikes on gas sites in the Iran war are driving up energy costs, pushing up prices for power, food and more worldwide.
Al JazeeraMarch 23, 2026 at 05:56 PM UTCIran war threatens energy crisis worse than 1970s two oil shocks
The world faces an energy crisis worse than both 1970s oil shocks combined if the Middle East war drags on, the head of the International Energy Agency (IEA) warned on Monday, as Israel launched fresh strikes on Tehran and threatened weeks more fighting. In a stark warning over what lies ahead unless the fighting ends soon, Fatih Birol said the world was losing more oil each day than the combined impact of the two 1970s oil shocks and Russia’s invasion of Ukraine. “This crisis as things stand is...
SCMP WorldMarch 23, 2026 at 10:40 AM UTCWar-induced interest rate shocks unlikely to upset Asia’s property markets
Last week, the energy shock caused by the war in Iran showed signs of becoming a full-blown financial and economic crisis. The attacks on energy infrastructure across the Middle East, coupled with soaring prices of crucial refined petroleum products such as diesel and jet fuel, forced investors to start pricing in a prolonged disruption to supply and a contraction in demand. Even if the Strait of Hormuz reopens sooner than anticipated, the scale of the damage to energy assets in the Persian Gulf...
SCMP WorldMarch 23, 2026 at 08:30 AM UTCIran war energy crisis equal to 70s twin oil shocks and fallout from Ukraine war, says IEA chief
Fatih Birol says effect on energy markets of Iran bombings and closure of Hormuz strait not initially understood by world leaders Middle East crisis live – latest updates The global energy crisis caused by the war in Iran is equivalent to the combined force of the twin oil shocks of the 1970s and the fallout of Russia’s invasion of Ukraine, the head of the International Energy Agency has warned. Fatih Birol, the IEA’s executive director, said the growing fallout could be seriously compounded through interuptions to the “vital arteries of the global economy”, including petrochemicals, fertilisers, sulfur and helium. Continue reading...
The Guardian WorldMarch 23, 2026 at 05:04 AM UTC‘War has no benefit for anyone’: Iraq’s Kurdistan region hit by rising prices, instability amid Iran conflict
Output from Iraq’s main southern oilfields – where most of its crude is produced – has dropped sharply as the Iran conflict effectively shut down the Strait of Hormuz.
CNA LatestMarch 23, 2026 at 03:23 AM UTCOil prices up following Trump ultimatum on Iran
US President Donald Trump had given Iran a 48-hour ultimatum to open the Strait of Hormuz or face decimation of its energy infrastructure and Israel warned the war would continue for several more weeks.
CNA LatestMarch 22, 2026 at 11:12 PM UTC‘The stakes are enormous’: how a prolonged Iran war could shock the global economy
Donald Trump’s ‘little excursion’ is likely to have long-term effects, from oil prices to inflation to growth, say experts In the days after the US and Israel first bombed Iran, financial markets bet the economic fallout from Donald Trump’s “little excursion” in the Middle East would be short-lived. “There are risks from higher oil prices longer term. But this is a tail risk,” one US-based fund manger said after the airstrike killing Iran’s supreme leader, Ayatollah Ali Khamenei. “History has shown time and time again that geopolitical flare-ups like this tend to be short-lived. This one should prove to be no exception.’’ Continue reading...
The Guardian WorldMarch 22, 2026 at 06:00 AM UTCIran’s willingness to escalate this high-stakes war is its greatest weapon
Regime will do whatever it takes to cling on to power – including sacrificing economies of other Gulf states Middle East crisis – live updates Brinkmanship, the ability to take a country to the edge of war without plunging it into the abyss, was the cornerstone of cold war diplomacy. But in our different, more unstable times – in which the line between state and non-state actors has blurred, and weapons of war have diffused – the world this week finally tipped over the edge, and suddenly it is in freefall. The first six days of the Iran war cost the US $12.7bn (£9.5bn), but now the Pentagon is seeking as much as $200bn in military funding. Oil at $125 a barrel is no longer an Iranian, or Russian, fantasy. The crown jewel of Qatar, Ras Laffan – the world’s largest liquefied natural gas plant – may not reopen fully for five years, at a cost of $20bn a year. Other combustible oil depots in the Gulf, from Bahrain to Abu Dhabi, are exposed to Iran’s low-cost drones. Then add the human cost of 18,000 civilians injured and more than 3,000 killed in Iran alone. Continue reading...
The Guardian WorldMarch 21, 2026 at 05:00 AM UTC'There's a lot of ways that this could escalate and get worse': Iran war rattles energy markets
Dan Marks, a research fellow in energy security at the Royal United Services Institute, breaks down the impact of Israel's attack on Iran's massive South Pars natural gas field on global energy markets – and just how both sides could escalate the crisis with further attacks on critical energy infrastructure across the region.
France 24 WorldMarch 20, 2026 at 08:10 AM UTC