Back to today’s briefing

Story perspectives

Energy Prices Soar Amid Iranian Strikes on Key Oil Routes

3/20/2026

27 3 Full Breakdown

Summary

Story summary

European nations and Japan issued a joint statement to stabilize energy markets.
Iranian strikes closed the Strait of Hormuz, a crucial oil passage.
U.S. President Donald Trump urged Japan to help secure the strait.
Iranian attacks on Qatar's Ras Laffan facility damaged assets and threaten liquefied natural gas supplies.
Energy prices surged, with European prices up over 60% since the conflict began.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo on nations supporting Israel during the Yom Kippur War, leading to a 400% increase in oil prices. Japan, heavily reliant on Middle Eastern oil, faced severe economic repercussions, prompting a shift towards energy diversification and nuclear power, which continues to influence global energy policies today.

1 of 2

Story summary

European nations and Japan issued a joint statement to stabilize energy markets.
Iranian strikes closed the Strait of Hormuz, a crucial oil passage.
U.S. President Donald Trump urged Japan to help secure the strait.
Iranian attacks on Qatar's Ras Laffan facility damaged assets and threaten liquefied natural gas supplies.
Energy prices surged, with European prices up over 60% since the conflict began.

1 / 2