Story perspectives

Middle East War Sparks Global Energy Crisis, Oil Prices Soar

3/26/2026

Center

Middle East War Impact

The ongoing Middle East war has triggered an energy crisis, with oil prices up about 40% since the conflict began.
John Denton of the International Chamber of Commerce warned this could become the worst industrial crisis in decades.
France and Italy are considering fuel tax cuts to mitigate the impact.
The Philippines' national energy emergency, India's export reviews, China's refined fuel export ban, and North Macedonia's VAT cuts address rising prices.

Right

Denton Warns Crisis

John Denton, chief of the International Chamber of Commerce, warned in Yaoundé on March 25 that Middle East war could trigger a crisis.
He cited prices and disruptions in oil shipments via the Strait of Hormuz.
Denton warned fertilizer shortages could threaten agricultural production and food security in Africa.
He urged the international community to ensure safe Gulf shipping.
He praised the World Trade Organization's quick response.

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Middle East War Impact

The ongoing Middle East war has triggered an energy crisis, with oil prices up about 40% since the conflict began.
John Denton of the International Chamber of Commerce warned this could become the worst industrial crisis in decades.
France and Italy are considering fuel tax cuts to mitigate the impact.
The Philippines' national energy emergency, India's export reviews, China's refined fuel export ban, and North Macedonia's VAT cuts address rising prices.

1 / 2