Iran war impact on global oil markets
The Iran war is having a significant impact on global oil markets, increasing volatility and raising concerns about energy supply disruptions. Oil and gas industry professionals, along with analysts, governments, academics, and others, are closely watching how the conflict is impacting crude prices, production, and international trade flows.
The oil supply disruption from the closure of the Strait of Hormuz, which carries a significant share of the world’s crude exports, remains a key concern for global energy markets and traders.
This page brings together ongoing coverage and analysis from two EndeavorB2B brands, Oil & Gas Journal and Offshore, to help readers understand how the Iran war affects oil prices, LNG flows, and the broader energy market outlook. It includes the latest news, expert insights, and data-driven forecasts.
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Expert voices: Iran war and energy markets
The Oil & Gas Journal ReEnterprised podcast examines the economic and operational consequences of the Iran war, drawing on expert analysis from industry researchers, geopolitical analysts, and energy market specialists.
In this episode of the Oil & Gas Journal ReEnterprised podcast, Conglin Xu, managing editor, economics, takes a look into the LNG market shock caused by the effective closure of the Strait of Hormuz and the sudden loss of Qatari LNG supply as the Iran war continues.
Xu speaks with Edward O’Toole, director of global gas analysis, RBAC Inc., to examine how these disruptions are intensifying global supply constraints at a time when European inventories were already under pressure following a colder-than-average winter and weaker storage levels.
In this bonus episode of the Oil & Gas Journal ReEnterprised podcast, Head of Content Chris Smith is joined by Jim Krane, the Diana Tamari Sabbagh Fellow in Middle East Energy Studies and Center for Energy Studies Lead for Energy and Geopolitics in the Middle East at Rice University’s Baker Institute for Public Policy.
The two discuss the regional political forces shaping the Iran war so far, exactly how vulnerable the Strait of Hormuz is, and—shifting inland—what’s in it for the Kurds.
Infographic: Strait of Hormuz energy flows
The Strait of Hormuz is the waterway through which about 20 million b/d of crude and petroleum products flow. Click to enlarge.
Oil prices and market disruptions
The Iran war has triggered significant volatility across global crude benchmarks, with Brent prices surpassing $100/bbl and the IEA characterizing the disruption as the largest supply shock in history. Market uncertainty has been compounded by Strait of Hormuz transit risks, emergency strategic petroleum reserve releases, and shifting OPEC+ production decisions. Price movements have been sharp and reactive, responding to ceasefire signals, escalation news, and US policy interventions. The articles below track these developments as as they continue to unfold.
Upstream, midstream, and downstream operational impacts
The Iran war has forced material operational changes across the region's upstream and midstream sectors. ExxonMobil has flagged a 6% drop in global oil-equivalent production in first-quarter 2026, with Chevron reporting a similar decline tied to Middle East asset disruptions. Saudi Aramco's Jubail refinery temporarily halted processing following conflict-related damage, while the Dallas Fed survey of energy executives found that capital planning has largely been put on hold. On the supply side, the Trump administration ordered the restart of California offshore oil transport to support military operations, reflecting the conflict's reach into US domestic energy policy. The articles below, from Oil & Gas Journal, document these operational developments as they've emerged.
