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Iranian mining and drone attacks cut Strait of Hormuz tanker traffic from ~50 a day to near-zero, yanking 15-20 million bpd off the market, spiking Brent to $119 on Monday before diplomatic jaw-boning and talk of a record IEA stockpile release dragged it back under $90 by mid-week.
On 12 March 2026 Washington formally invoked Section 301 to investigate ‘structural excess capacity’ in 16 trading partners, starting a fast-track process that could restore tariffs by July after a Supreme Court ruling dismantled Trump’s earlier global duties.
On 10 Mar 2026 Brent crude erased Monday’s $119 spike, sliding roughly 13 % below $90 after President Trump claimed the U.S.–Iran conflict was nearly over and signalled sanctions relief and possible SPR releases.
A global data dump on 10 Mar 2026 highlighted a split world economy—Saudi GDP surged 4.5 % in 2025 while Turkish, Swedish and German indicators slipped—and yet equities rallied after President Trump hinted the Iran-Israel war could end quickly.
Between 9-11 March 2026 New Delhi redirected all LPG output to state oil firms for household cylinders, froze petrochemical diversion, and lengthened refill booking gaps to 25 days, slashing restaurants’ gas deliveries nationwide.
On 9 March 2026, G7 finance ministers, after an emergency call on the Iran-U.S./Israel war, opted to wait on tapping their 1.2 billion-barrel strategic reserves despite Brent crude briefly surging past $119 due to the Strait of Hormuz closure.
On 8 March 2026, the near-total closure of the Strait of Hormuz amid the US-Israeli war with Iran compelled Iraq, Kuwait and the UAE to curb production for lack of tankers, lifting Brent crude past the $100-a-barrel mark for the first time in four years.
On 9 Mar 2026, crude prices vaulted above US$110–116 a barrel for the first time since 2022 after the Iran-U.S-Israel war stalled tanker traffic through the Strait of Hormuz, triggering an emergency G7 discussion on tapping strategic oil reserves.
On 8 March 2026, nine days into the US-Israel–Iran war, the closure of the Strait of Hormuz forced the UAE and Kuwait to join Iraq in curbing production as storage maxed out, propelling Brent 30 % higher in a week and leaving global prices within dollars of the $100/bbl psychological line.
A single 24-hour period saw U.S. thunderstorms and a Gulf air-space shutdown cascade into more than two thousand delays and nearly a thousand cancellations from Dallas and Detroit to Dubai and São Paulo, shattering early-spring airline schedules worldwide.
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