A near-total shutoff of oil and gas out of the Middle East has occurred due to the Iran War.

When the initial wave of US and Israeli strikes hit Iran, the traditional financial system was entirely paralyzed.

The blocking of the Strait of Hormuz will cause an enormous increase in the price of energy, oil, and gas, with knock-on impacts on food and fertilizer prices.

The Iran War has caused the price of oil and natural gas to soar.

Iran has been threatening to cut off the supply of oil through the Strait of Hormuz region.

Iran closed the Strait of Hormuz, blocking oil tankers, while Israel launched a sprawling attack on Lebanon.