The US-Israeli war on Iran has ignited fears that escalating military aggression in the Middle East could send oil prices soaring, push up prices at the pump and drive a global economic downturn. Within hours of the US-Israeli strikes, Iran’s Revolutionary Guards reportedly warned tankers in the strait of Hormuz that no ship would be allowed to pass through the world’s most critical oil trade route. At least 150 tankers carrying crude, liquified natural gas and oil products had dropped anchor in open waters across the Gulf past the strait on Sunday, Reuters reported. If the halt continues, it could block up to 15m barrels a day of crude oil from reaching their destinations. In a worst-case scenario, experts have said oil market prices could surge from about $67 a barrel on Friday night to $100.

Source: The Guardian March 02, 2026 02:21 UTC