The Iran war puts Asia in an energy panic

Photograph: Bloomberg via Getty Images

Mar 8th 2026|6 min read

NOW INTO its second week, the American-Israeli war with Iran has all but stopped seaborne oil exports from the Gulf’s big producers. As trading resumed after the weekend the price of Brent crude, the global benchmark, leapt above $100 a barrel. It is up by around 40% since hostilities began. American motorists are already paying over $3.40 for a gallon of petrol on average, around 50 cents more than on February 27th. In Europe prices of natural gas, of which the Gulf normally ships lots in liquefied form, are 92% higher than before the war.