The oil apocalypse: when on earth is it going to arrive, or are we already in it and just haven't noticed?

The 2026 war over Iran triggered a historic global oil supply shock after the U.S. and Israel struck Iranian facilities and Iran closed the Strait of Hormuz.

Gulf oil exports and production plunged, with the IEA saying more than 1 billion barrels were lost from the market.

Brent briefly hit a record $144.68 a barrel, underscoring the scale of the disruption to prices and trade.

Emergency reserve releases and higher U.S. crude exports helped cushion the impact, but the crisis exposed major energy-security risks.