06, April 2026
The US-Iran conflict has significantly impacted global oil markets, with prices surging over 50% since the war began on February 28, 2026.
Here’s a breakdown of the key figures and developments:
*Oil Prices:*
West Texas Intermediate (WTI) is currently around $111.61 per barrel, while North Sea Brent crude is at $110.35 per barrel.
Strait of Hormuz:
The strait, which carries about 20-30% of global oil and gas supplies, has been effectively closed by Iran, disrupting oil shipments and driving up prices.
Iran’s Oil Earnings:
Despite military losses, Iran’s oil earnings have risen due to higher global prices and a $2 million toll levied on vessels transiting the strait, generating an estimated $100 billion in new revenue.
Global Economic Impact:
The conflict has triggered inflation concerns, supply-chain problems, and worries about the global economy, with analysts predicting oil prices could reach $130-$140 or even $200 per barrel if the war continues.
US Fuel Prices:
Petrol prices in the US have climbed to $4.09 per gallon, up over a dollar since the conflict began, with diesel prices rising to $5.53 per gallon.
Market Response:
The International Energy Agency (IEA) has released 426 million barrels of oil from strategic reserves, but analysts say this is insufficient to offset the disruption .
The situation remains volatile, with analysts predicting continued elevated oil prices due to the lack of a credible de-escalation path.
