Global oil and gas prices spiked on Tuesday after the U.S.-Israeli conflict with Iran disrupted Middle East energy exports. Tehran attacked ships and energy facilities, closing navigation in the Gulf and forcing production cuts from Qatar to Iraq.
Brent crude rose $3.66, or 4.7%, to $81.40 a barrel, its highest settlement since January 2025. European gas prices climbed up to 40%, while sugar, fertiliser and soy prices also increased. Analysts warn the conflict could drive inflation in Europe and Asia and pose political risks for U.S. President Donald Trump ahead of midterm elections.
Trump said the U.S. Navy could escort tankers through the Strait of Hormuz and ordered financial guarantees for Gulf trade. Iraq cut production at key oil fields and warned output may fall by over 3 mln barrels per day if tankers cannot move freely.
Shipping through the Strait of Hormuz remains largely blocked, stranding hundreds of tankers. Qatar, Saudi Arabia, Israel and Iraqi Kurdistan have suspended portions of oil and gas production. Rising fuel prices in the U.S. now exceed $3 per gallon, adding political pressure ahead of the November elections.
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