Back to today’s briefing

Story perspectives

Global Oil Crisis: Prices Soar Amid U.S.-Iran Conflict

3/14/2026

50 7 Full Breakdown

Summary

Story summary

The ongoing U.S.-Israeli war with Iran has sparked a global oil crisis, with prices around US$120.
Central and Eastern Canada, relying on U.S. imports, face potential fuel shortages.
Asia, where 85% of oil from the Strait of Hormuz flows, is already rationing and seeing panic buying.
Analysts warn prices could rise to US$200 per barrel if supply remains disrupted, while the International Energy Agency has authorized releasing 400 million barrels.

1 of 1

Story summary

The ongoing U.S.-Israeli war with Iran has sparked a global oil crisis, with prices around US$120.
Central and Eastern Canada, relying on U.S. imports, face potential fuel shortages.
Asia, where 85% of oil from the Strait of Hormuz flows, is already rationing and seeing panic buying.
Analysts warn prices could rise to US$200 per barrel if supply remains disrupted, while the International Energy Agency has authorized releasing 400 million barrels.