Jason Bordoff and Meghan L. O’Sullivan
Within days of the initial U.S. and Israeli attack on Iran on February 28, 2026, the world was plunged into an energy crisis. Tehran’s near shuttering of the Strait of Hormuz, through which roughly 20 percent of the world’s oil and liquefied natural gas transit each day, amounted to the largest disruption of global energy flows in history, according to the International Energy Agency. Within the first three weeks of the conflict, oil prices rose by 55 percent. Gasoline jumped by roughly a dollar a gallon, and heating oil and jet fuel soared even higher. Many countries began to ration fuel,
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