The escalating US-Israeli war against Iran is disrupting energy supplies from the Middle East.
Oil prices hit a two-and-a-half year high on Friday as the escalating US-Israeli war against Iran disrupts energy supplies from the Middle East to global markets.
Global benchmark Brent crude futures were up over 8% to over $92 a barrel, while US West Texas Intermediate (WTI) rose over 11% to over $90, both highest since September 2023.
Commercial traffic through the Strait of Hormuz, a critical waterway between Iran and Oman that carries about one-fifth of the world’s oil exports, has come to a near-complete halt, according to Bloomberg.
Iraq, the region’s second-largest producer, has had to cut output due to an inability to export. Kuwait has reportedly begun cutting production at some oil fields after running out of storage. Iran’s own oil exports have effectively ceased.
Goldman Sachs warned oil could top $100 a barrel if the disruption continues. Qatar’s energy minister warned that oil could hit $150.
Russian President Vladimir Putin said the shipping disruptions could open opportunities for Russia to expand energy exports. “Against this backdrop, we can look for new buyers who have lost supplies that previously moved through the strait,” he said, suggesting Moscow could redirect oil and gas shipments to alternative markets to replace Gulf flows.
Meanwhile, the US has granted India, a leading crude importer, a 30-day waiver to purchase Russian oil. The move is aimed at ensuring stability in the global oil market, according to US Treasury Secretary Scott Bessent.
Several EU politicians have stepped up calls to roll back Russia sanctions. In Germany, Sahra Wagenknecht, leader of the BSW party, has called for resuming imports of Russian oil to ease prices, while Alice Weidel, co-chair of the AfD, has urged an end to a one-sided reliance on the US and the Middle East for LNG.
Hungarian Prime Minister Viktor Orban, Slovak Prime Minister Robert Fico, and Italian Deputy Prime Minister Matteo Salvini have repeatedly condemned the bloc’s sanctions on Moscow, saying they hurt the EU’s economy.
Image credit: Sumaid pal Singh Bakshi
The entirely predictable oil price rises were clearly wanted by those who support and enable the war or turn a blind eye away from the culprits who started the war against Iran.
https://news-pravda.com/world/2026/03/07/2134496.html
As usual, the bull**** reporting from DTNZ is not fully accurate because you carefully omit the whole truth.
Iran Says Strait of Hormuz Will Remain Open but It Will Target U.S., Israeli Ships
https://www.wsj.com/livecoverage/iran-war-news-updates-2026/card/iran-says-strait-of-hormuz-will-remain-open-but-it-will-target-u-s-israeli-ships-hhXJPFCjbfbNawy6YqqR
Hi there, this War is a rapidly developing event with a huge volume of information from all over the globe being published constantly. Many articles become obsolete within minutes as new information and updates become available. We welcome readers posting links in comments with new information that updates or even contradicts what is published. The accusation DTNZ “omits the whole truth” is uncalled for.
Good journalism would dissect a) which ships are getting through the Strait of Hormuz and which ones aren’t, and why, and b) therefore which parts of the world’s ecomony benefit from Iran’s actions and which parts don’t.
One size never fits all.
With respect, the purpose of news articles especially in such major fast moving events is to disseminate the best information available at the time, quickly. The article you are talking about was republished early this morning from RT, one of the world’s largest news organisations, and even they were unable to provide the information you are talking about, at the time it was published. The analysis you refer to eg. which ships and effect on world economy will no doubt be undertaken in the coming days by geopolitical experts that are published by DTNZ once the facts are verified and known – so much info, from both sides is unverifiable in this Fog of War. You raise valid points but your accusation that missing information is somehow because DTNZ is deliberately “omitting” the information is categorically false. We are not and do not claim to be the “One Source of Truth” and we encourage readers to consult a range of information sources to be informed, and publish any links for updates in the comments section, along with their opinions.
OK thanks for that. I ignore mainstream media and prefer DTNZ, but maybe my expectations for good journalism are too high. My aplogies. Thanks for your good reporting.
That does not mean shipping wont be disrupted for everyone due to the fact its essentially a war zone….ships might get caught in cross fire too……
DTNZ is not ” reporting BS” but is a press review. Most readers are glad that DTNZ does the work of selecting world wide publications for its readers. Info many would not have time to select.
Furthermore there os a freedom on this site to comment and exchange links you will find nowhere.
WELL DONE EDITOR !!
USA will protect the oil tankers PLUS provide the insurance that Lolyds Insurance UK have refused. Give it time, it will be cheaper than its been soon.
Do you think insurance companies anywhere including the US get to be wealthy by being stupid…NO ONE wants a bar of this…How too is the US going to protect them exactly with being sunk to the bottom of the sea…..?
usa is out of missiles, your move Michelle
Do you have any flying pigs for sale?
It’s the price western governments are happy for their populations to pay to enable the zionazi totalitarians in Israel to murder and slaughter Middle Eastern Christians and Muslims in their homes and steal all their land, property and wealth.
You ain’t seen nothing yet
B b b baby you just ain’t seen n n n nothing yet
This of course is part of what they wanted given the US dollar is pegged to oil not gold….
So the waspnest inhabitants have no intention of lowering their obscenely over-priced tax on nz fuel whilst all this muslim vs jew/yank war-pig horsesh*t goes down because, hey, NZ’s trillions of dollars slush-fund pot is needed to use for “other things” rather than trivial unimportant cost-of-living nonsense