Back to today’s briefing

Story perspectives

Oil Prices Surge as Iran Threatens Shipping Routes

3/14/2026

47 11 Full Breakdown

Summary

Story summary

The war between the United States and Israel against Iran disrupts global energy markets and pushes crude toward $100 per barrel.
Iran has threatened to block oil shipments through the Strait of Hormuz.
Gulf nations declared force majeure on gas exports.
Iraq halted oil operations due to attacks on tankers.
Iran's new Supreme Leader Mojtaba Khamenei vowed to continue military actions unless United States bases in the region are closed.

History

Historical Context

The Iran-Iraq War (1980-1988) began with Iraq's invasion on September 22, 1980, driven by fears of Iran's Islamic Revolution influencing Iraq's Shia majority. The conflict caused around 500,000 deaths and severely disrupted oil supplies, with Iraq's production halving. Today, tensions with Iran threaten global oil shipments through the Strait of Hormuz, echoing the war's lasting impact on energy security.

1 of 2

Story summary

The war between the United States and Israel against Iran disrupts global energy markets and pushes crude toward $100 per barrel.
Iran has threatened to block oil shipments through the Strait of Hormuz.
Gulf nations declared force majeure on gas exports.
Iraq halted oil operations due to attacks on tankers.
Iran's new Supreme Leader Mojtaba Khamenei vowed to continue military actions unless United States bases in the region are closed.

1 / 2