A U.S.-Israeli war on Iran erupted on February 28, 2026, causing immediate disruption to global energy markets. Attacks on Iranian infrastructure included targeting oil and gas facilities in the Gulf, triggering sharp jumps in oil prices and raising concerns about maritime security through the Strait of Hormuz. Data indicates the conflict has resulted in deep economic repercussions extending to global financial markets and the tourism sector.
Oil prices surged to $110 per barrel following attacks on major energy facilities, particularly Qatar's Ras Laffan field, the world's largest liquefied natural gas facility.
17% of Qatar's liquefied natural gas exports were disrupted, raising serious concerns about global energy supply security and fuel availability.
Several Gulf states closed their airspace, resulting in cancellation of over 4,000 daily flights and losses estimated in billions for the tourism sector.
Global stock markets declined with S&P 500 falling 0.7%, while gold prices surged as investors sought safe-haven assets.
Financial institutions warned oil prices could reach $200 per barrel by year-end if tensions persist, potentially adding 0.8% to global inflation.