An Iranian naval vessel sails through the Strait of Hormuz, a crucial maritime route for the transport of a large share of the world’s oil and gas, on March 1, 2026. (Credit: Sahar al Attar / AFP)
BEIRUT — A surge in oil prices, major disruptions to air traffic, heightened risk expectations for global trade…After a weekend of Israeli-American strikes on Iran and retaliatory moves by Tehran, the conflict is already rippling through the regional and global economy, with energy markets, trade and transport, aviation, and tourism among the sectors hardest hit by the disruptions.Risk of an oil shock?The main global risk centers on the closure of the Strait of Hormuz, which connects the Gulf to the Arabian Sea. While the choke point is not technically blocked, it's effectively at risk, as Iran’s Revolutionary Guards have been threatening to impose a blockade.On Sunday, maritime security agencies reported attacks on three vessels in the roughly 50-kilometer-wide strait, while soaring insurance premiums prompted major shipping...
BEIRUT — A surge in oil prices, major disruptions to air traffic, heightened risk expectations for global trade…After a weekend of Israeli-American strikes on Iran and retaliatory moves by Tehran, the conflict is already rippling through the regional and global economy, with energy markets, trade and transport, aviation, and tourism among the sectors hardest hit by the disruptions.Risk of an oil shock?The main global risk centers on the closure of the Strait of Hormuz, which connects the Gulf to the Arabian Sea. While the choke point is not technically blocked, it's effectively at risk, as Iran’s Revolutionary Guards have been threatening to impose a blockade.On Sunday, maritime security agencies reported attacks on three vessels in the roughly 50-kilometer-wide strait, while soaring insurance premiums prompted major shipping...