Energy market instability following US-Israeli strikes on Iran

Following US and Israeli airstrikes on Iranian nuclear and energy facilities on February 28, 2026, global energy markets have faced significant disruptions. The Strait of Hormuz, a critical transit route for 20% of global oil, has faced restricted access, while Iranian retaliatory strikes on regional infrastructure have reduced output by approximately 2 million barrels per day. Brent crude prices have fluctuated, reaching levels between $81 and $94 per barrel depending on the reporting source. Qatar has halted LNG exports, leading to a 15% price hike in Europe, and officials warn that if the conflict persists, oil prices could reach $150 per barrel. US gasoline prices have increased by 20 cents per gallon, and the US administration has granted India a 30-day waiver to continue importing Russian oil to help stabilize supply. Various sources indicate the conflict is in its second week, with potential for further long-term economic consequences despite intervention efforts by OPEC members.