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Global energy market instability following Iran tensions

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2026-09-30 10:55 UTC → 2026-09-30 22:21 UTC · added ~~removed~~

Global energy markets remain highly volatile due to military escalations between the United States and Iran, alongside conflict between Houthi rebels and Saudi Arabia. Following US strikes on Iranian missile launchers on Larak Island, the Iranian Revolutionary Guard claimed responsibility for attacking US air bases in Jordan and the UAE. Maritime security in the Strait of Hormuz has deteriorated significantly, with vessel crossings dropping to as few as four on a single Tuesday, compared to a ten-day average of 18. Supply fears have intensified following attacks on the Saudi East-West Pipeline, which disrupted its ability to transport approximately 4 million barrels of oil per day. This damage has bypassed the Strait of Hormuz, disrupted loading at the Yanbu port, and forced the cancellation of late September shipments to Europe. Furthermore, a US maritime blockade has effectively halted Iranian crude exports for 60 days. These disruptions, compounded by Ukrainian attacks on Russian infrastructure, have pushed Brent crude prices toward $110 per barrel. In Europe, the crisis has caused natural gas (TTF) prices to exceed €80 per megawatt-hour. EU Energy Commissioner Dan Jørgensen noted that despite incurring over €100 billion in additional costs for energy imports, member states have not received any additional volume of oil or gas. While gas prices rose by 88.4% between February and August 2026, electricity prices increased by only 22.8% due to higher renewable energy ~~shares. However, Eurelectric warned that further investment~~ shares, which reached 72% of the EU's total in ~~storage and grids is essential.~~ 2026. Fuel prices at pumps in some European countries have risen by nearly 50%, with some exceeding $11 per gallon. The International Energy Agency has warned of diesel vulnerabilities, as approximately 50 percent of Europe’s diesel is imported from the United States.

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