21 Days Into the Iran War, Oil Surges to $115

Twenty-one days after the war involving Iran began, global energy markets are under severe pressure as Brent crude has surged to about $115 per barrel, nearly doubling from roughly $60 at the start of the year.

The price spike comes as attacks on energy infrastructure and shipping routes across the Persian Gulf disrupt supply. Iranian strikes have targeted oil and gas facilities in Gulf countries including Qatar and Kuwait, while Israel has struck Iranian energy infrastructure such as the massive South Pars Gas Field.

A major factor driving the surge is the disruption of shipping through the Strait of Hormuz, where about 20% of the world’s traded oil normally passes each day. Tanker traffic has slowed dramatically due to the threat of Iranian missiles, drones, and naval mines.

Analysts warn prices could climb even higher if the conflict escalates further. One potential flashpoint is Kharg Island, which handles roughly 90% of Iran’s oil exports and has long been viewed as a critical energy target.

For consumers, the impact is already being felt, with gasoline prices rising as global markets react to the ongoing conflict.