US-Iran War: US Spares Iran Oil Sector As Hormuz Crisis Sparks Global Energy Shock
Edited By WION Video Desk
Published: Mar 09, 2026, 04:00 IST | Updated: Mar 09, 2026, 04:00 IST
The escalating war in West Asia is triggering a global energy shock as disruptions spread across the region’s critical oil and gas routes. The strategic Strait of Hormuz, a passage that normally carries about 20% of the world’s oil and LNG supplies, has seen shipping severely disrupted amid the conflict.
Energy markets are already feeling the impact. Iraq’s oil production has plunged dramatically, with exports falling as tanker traffic through the strait stalls and storage tanks fill up. Meanwhile, several Gulf producers are cutting output, widening the shock to global oil supply and pushing crude prices sharply higher.
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