Global energy costs soar as Iran crisis disrupts shipping, oil and gas production
By Yousef Saba
Published on March 3, 2026.
Global oil and gas prices have surged as the U.S.-Israeli war on Iran disrupts energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing the Strait of Hormuz and forcing production stoppages from Qatar to Iraq. This has led to hundreds of tankers loaded with oil and LNG stranded near key oil hubs, unable to reach customers in Asia and Europe. The price increase could pose a significant risk for President Donald Trump and his fellow Republicans ahead of the midterm elections. The closure of the strait has led Saudi Arabia, the UAE, Iraq, Kuwait and Iran to begin cutting oil production within days.
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