Original Source
U.S.-Iran War Intensifies, Oil Prices Soar Amid Strait of Hormuz Blockade
Escalation of U.S.-Iran War and Iran's Warning
Iran warned of a prolonged war with the United States and Israel, threatening to 'destroy' the global economy. In response, U.S. President Donald Trump stated late Wednesday that Iran faced imminent defeat. As fighting intensified around the Strait of Hormuz, a strategic chokepoint responsible for one-fifth of the world's crude oil supply, shockwaves are spreading through energy markets.
Oil Price Spike and International Energy Market Response
Fighting around the Strait of Hormuz caused major repercussions in international energy markets, triggering emergency releases of global strategic reserves and limited use of U.S. reserves. The International Energy Agency (IEA) announced Thursday that the Middle East war was causing 'the largest oil supply disruption in history.' The IEA had agreed the previous day to release a record amount of strategic oil reserves to counter supply shortages and surging oil prices.
According to the IEA's latest monthly oil market report, the global crude oil supply is expected to decrease by 8 million barrels per day in March as the Strait of Hormuz has been blocked since the U.S. and Israel launched airstrikes against Iran on February 28.
*Source: YouTube: NDTV (2026-03-12)*
