The Straight Of Hormuz
Since the first strikes on February 28, transit through the Strait slowed to a near halt. Major exporters like Qatar were forced to declare 'force majeure" on LNG shipments, leaving European buyers scrambling to find alternative cargoes in an already tight market.

The defining strategic event of the war was the closure of the Strait of Hormuz in early March 2026. As the passage for roughly 20% of the world’s oil and liquefied natural gas (LNG), its blockade sent immediate shockwaves through global markets.


Image: Unsplash / Moslem Daneshzadeh

Fuel Prices
Before the conflict, Brent Crude was trading steadily around $70 per barrel. By mid-March 2026, prices surged past $120, peaking briefly near $150/bbl in physical markets.

The timing was particularly brutal for Europe. Following a harsh 2025–2026 winter, gas storage levels were at a historic low of 30% capacity (aprx. 46 bcm) when the war began.


Image: Unsplash / Erik Mclean

New and upcoming changes
European governments are accelerating the transition to renewables. The UK has recently mandated that all new buildings be fitted with solar panels and heat pumps by 2028, citing the Iran war as proof that "clean power is essential for national security."


Image: Unsplash / Christian Lue

Fuel prices chart
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Image: Unsplash / Felix