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Iran Conflict Sparks Oil Prices Above $100, Threatens Supply

3/11/2026

Center

Iran Threatens Oil Supply

The Iran conflict disrupts oil supplies through the Strait of Hormuz, which handles about 20% of world oil.
Following U.S. and Israeli strikes on Iran, oil prices rose above $100 per barrel, with Brent near $120.
The United Nations warns higher energy costs will raise food prices for poorer nations.
Saudi Arabia and Kuwait have cut production due to storage issues.
Iran's Revolutionary Guards threaten to block all oil shipments.

Right

Europe Navigates Tensions

European leaders struggle to respond to escalating Middle East violence as the Strait of Hormuz faces closure.
A joint conference of the United Kingdom, Italy, and Germany urged navigation.
Russian President Vladimir Putin offered to collaborate with Europe on energy supplies.
French President Emmanuel Macron deployed naval forces to escort oil tankers after hostilities subside.
Iranian Revolutionary Guard threatened reprisals against nations aligned with the United States and Israel.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to U.S. support for Israel during the Yom Kippur War. This led to a 400% increase in oil prices, severely impacting Western economies and triggering a global recession. The crisis reshaped energy policies and heightened geopolitical tensions, with lasting effects still felt today.

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Iran Threatens Oil Supply

The Iran conflict disrupts oil supplies through the Strait of Hormuz, which handles about 20% of world oil.
Following U.S. and Israeli strikes on Iran, oil prices rose above $100 per barrel, with Brent near $120.
The United Nations warns higher energy costs will raise food prices for poorer nations.
Saudi Arabia and Kuwait have cut production due to storage issues.
Iran's Revolutionary Guards threaten to block all oil shipments.

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