So far, the crisis has removed about 400 million barrels – about four days of world supply – from the market, triggering price increases of around 50 per cent. Trump has assailed Nato allies over their lack of support for ​the US-Israeli war against Iran, calling the longtime American allies "cowards." Oil price shockGlobal benchmark oil prices have already risen more than 50 per cent to over $110 a barrel since the war started. Natural gas prices in Europe and Asia are soaring after tit-for-tat strikes by Israel and Iran in recent days slammed Gulf gas installations. How Iran war is a food threatThe war also threatens food supply.

Source: The Telegraph March 21, 2026 11:14 UTC