The global oil market had been building toward a crisis for weeks. When US and Israeli forces launched joint air strikes on Iran on February 28, 2026, global crude oil production and supply chains were immediately thrown into chaos. Global oil markets entered a period of heightened volatility and uncertainty due to the de facto closure of the Strait of Hormuz a major world oil transit chokepoint through which nearly 20% of global oil supply flows effectively closed to shipping traffic since military action began on February 28. The global…
Read MoreGlobal Oil Market Volatility Chart Shows Historic Swings as Iran Ceasefire Sends Prices Crashing
