The International Energy Agency (IEA) has officially labeled the ongoing conflict as the largest supply disruption in the history of the global oil market. Following military operations that began in late February, global crude production has reportedly dropped by at least 8 million barrels per day. Iran’s closure of the Strait of Hormuz, a critical chokepoint for 20% of the world's oil, has forced global benchmarks like Brent crude to surge toward $100 per barrel. 

The military situation continues to widen as the war enters its 13th day. Iranian missiles and drones have targeted infrastructure across Israel and several Gulf states, including air bases in Tel Aviv and fuel storage tanks at international airports in Dubai, Bahrain, and Kuwait. In response to these escalating threats, the U.S. Navy has begun escorting commercial ships through the Persian Gulf, while countries like Iraq and Oman have been forced to shut down major oil terminals after fresh attacks on tankers. 

International repercussions are being felt as nations scramble to secure their energy needs. The U.S. has authorized a 30-day sanctions waiver for the purchase of Russian oil stranded at sea to prevent further price spikes, and the IEA plans to release 400 million barrels from strategic reserves. Meanwhile, the U.S. Embassy in Jerusalem and the consulate in Tel Aviv have suspended routine consular services through today, urging American citizens to depart the region using any available commercial means.