The three-month conflict has triggered historic supply disruptions, lifting oil and gas prices to elevated levels with daily volatility.
Global oil markets have lost 1 billion barrels of supply in the first 90 days of the Iran conflict, marking the worst disruption in history. The U.S.-Israeli strikes on Iran, beginning February 28, abruptly ended an oversupply trend and established a higher price floor for crude and LNG.
Prior to the conflict, markets anticipated a year of surplus, but daily volatility and supply shortages in Asia have since dominated. Tanker rates have surged, trade routes shifted, and crude inventories declined as demand outpaces available supply.
Oil and gas prices now fluctuate sharply, reflecting persistent uncertainty and tightening global balances.