Oil and gas prices have been erratic in the US: gas prices have begun to bite Europe. Both these resources have been threatened by the West Asia crisis and the resultant constriction of shipping traffic in the Strait of Hormuz. The impact of the West Asia crisis on oil, it is being speculated, could offer momentum to the shift towards clean energy. In West Asia, oil and energy have become the conflict’s collateral victims with the contestants targeting key oil and gas installations across the Middle East. Given oil’s relevance, a steep crisis could actually facilitate de-escalation of military confrontations such as the one taking place in West Asia.

Source: The Telegraph March 12, 2026 20:34 UTC