Even the best-case scenario for energy markets is disastrous

GateUser-9ad11037 · 2026-03-22T10:20:48+00:00

The ongoing Gulf War has led to Iranian strikes shutting the Strait of Hormuz, severely impacting global oil and LNG supplies. As losses are assessed, energy prices surge, with Brent crude rising to $112 a barrel and gas prices in Europe increasing by 85%.

GateUser-9ad11037

2026-03-22 10:20:48

Abstract generation in progress

The third Gulf war is now in its fourth week. Every day that Iranian strikes on ships keep the Strait of Hormuz shut, around a fifth of the world’s output of oil and liquefied natural gas (lng) remains stranded. Every day, therefore, traders update how much supply is lost for the year. As their estimates rise, so do energy prices. Brent crude, at $112 a barrel, is 54% dearer than before hostilities began. Gas prices in Europe are up by 85%.

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