Impact of the US–Israel–Iran War on Energy Prices Set to Stay High for Months

New York — KOMPAS.com - The war between the United States (US) and Israel against Iran could potentially trigger a global rise in energy prices that lasts for weeks to months. This could occur even if the conflict, which has only been underway for about a week, ends soon. The situation could arise because the war has damaged a number of energy facilities, disrupted oil and gas shipping routes, and increased risk to vessels transiting the region in the Middle East. A JP Morgan analyst said that energy markets are not only pricing geopolitical risk but are also starting to feel real disruptions to energy supply. ‘The market is now facing operational disruptions due to refinery closures and export restrictions beginning to disrupt oil supply,’ the JP Morgan analyst wrote in a research note cited by Reuters, Sunday 8 March 2026. Since the war began, around one-fifth of the world’s crude oil and gas supply has been disrupted. This occurred after Iran targeted ships in the Strait of Hormuz and attacked energy infrastructure in the region. Global oil prices have surged by more than 25 percent since the conflict began on 28 April 2026. At the close of trading on Friday 7 March 2026, Brent crude futures were at $92.69 per barrel, up 28.7 percent for the week. This weekly increase was the largest since April 2020. Meanwhile, US West Texas Intermediate (WTI) crude futures closed at $90.90 per barrel, up 35.63 percent for the week. This rise marked the largest weekly jump since 1983. The near-total closure of shipping routes through the Strait of Hormuz prompted several major oil-producing countries in the Middle East to halt shipments. Countries such as Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait were reported to have halted shipments of around 140 million barrels of oil to refineries in various countries, equivalent to about 1.4 days of global oil demand.