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Featured in Factory floor – 09-2026

Strait and narrow

War in the Middle East and disruption to trade flows through the Strait of Hormuz have hit global energy markets hard, given the region’s importance to oil and gas exports. Fabian Skarboe Rønningen and Nishant Kumar of Rystad Energy examine ongoing impacts of the crisis on global energy import/export flows.
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Nishant Kumar and Fabian Skarboe Rønningen
Shipping through the Strait of Hormuz has been severely disrupted due to conflict, and war-risk terms have tightened for voyages in the Middle East as a result. | Image: MODIS Land Rapid Response Team, NASA GSFC

International oil and gas benchmarks have traded well above pre-crisis levels since conflict began in Iran in late February, with the sharpest reactions in European and Asian gas markets, up 40% to 60%, while Brent crude oil sits roughly 20% higher. This impact has affected power markets worldwide due to the price-setting role fossil fuels …

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