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The U.S.–Iran conflict that began in March 2026 sent cascading shocks through global energy markets, Red Sea shipping lanes, and international law. The tabs below separate the three threads — energy prices and Federal Reserve policy, Suez Canal maritime data, and the military-diplomatic timeline — so each can be read on its own terms.
Oil prices surged as the U.S. sea blockade removed Iranian crude from global markets and insurers priced Hormuz risk into futures contracts. The Federal Reserve cited energy-driven inflation when it raised interest rates in May 2026.
Dashed line = pre-conflict baseline ($78/bbl, Jan 2026). Source: U.S. Energy Information Administration.