According to the IEA, the US-Iran conflict—ongoing since February 28, 2026—has caused the largest disruption to oil supplies in history, with the Strait of Hormuz paralyzed for tanker traffic since late September. Brent prices have fluctuated wildly, ranging from a peak of US$118 in March to a low of US$71 during the July ceasefire, before climbing back to US$101.50 in early October.