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Iran Blockades 20% of Oil Supply Amid US-Israel Strikes

4/17/2026

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Summary

Story summary

Since the US-Israeli strikes on Tehran, Iran has blockaded around 20% of global oil and gas supplies.
U.S. President Donald Trump urged the United Kingdom to increase North Sea drilling to ease shortages.
Experts say drilling won't lower prices or improve energy security because oil and gas trade on global markets.
The North Sea reserves are dwindling, which would make any new production have a negligible impact on prices.

History

Historical Context

The 1973 oil crisis began when OPEC, led by Saudi Arabia, imposed an embargo in response to Western support for Israel during the Yom Kippur War. This action caused oil prices to quadruple, leading to severe shortages in the U.S. and prompting President Nixon to implement energy conservation measures. The crisis reshaped global energy policies and heightened geopolitical tensions, echoing today's energy security challenges.

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Story summary

Since the US-Israeli strikes on Tehran, Iran has blockaded around 20% of global oil and gas supplies.
U.S. President Donald Trump urged the United Kingdom to increase North Sea drilling to ease shortages.
Experts say drilling won't lower prices or improve energy security because oil and gas trade on global markets.
The North Sea reserves are dwindling, which would make any new production have a negligible impact on prices.

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