A $120-a-barrel nightmare looms as a US–Israel war with Iran rattles global oil markets.
The joint U.S.–Israeli military offensive against Iran has sent shockwaves through the world’s energy arteries. Since the coordinated strikes began on February 28, 2026, targeting Iranian leadership, military command centres and air-defence systems, markets have been gripped by fears of major disruptions to oil supplies from the Middle East. With the conflict threatening the crucial Strait of Hormuz — a chokepoint through which roughly one-fifth of global oil shipments pass — traders and analysts warn that the situation could trigger significant supply shortages and sustained price volatility.
