The 2026 Iran War, initiated by a United States–Israel coalition on February 28, 2026, and Iran's subsequent closure of the Strait of Hormuz, triggered an unprecedented energy and economic shock. This conflict removed approximately 20 million barrels per day of oil and significant volumes of liquefied natural gas (LNG) from global markets, representing about 20% of global supply, as confirmed by the IEA, IMF, and Federal Reserve.
The disruption led to Brent crude prices soaring above $100 per barrel and Dutch TTF gas benchmarks nearly doubling, causing widespread inflation, stagflation risks, and macroeconomic downgrades. The crisis exposed deep structural vulnerabilities in the global economy's reliance on a single maritime chokepoint and accelerated the energy transition towards renewables and nuclear power, while threatening to deepen poverty and food insecurity, particularly in Asia and the Global South.
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