Trump’s War on Iran Has Traders Staring Down an Energy Crisis

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000War With Iran:Limited oil price surges signal that traders are betting on a short conflict. A lengthy disruption threatens to cause chaos across markets.A navy vessel in the Strait of Hormuz, a vital waterway through which much of the world's oil and gas passes on March 1, 2026. Photographer: Sahar Al Attar/Getty ImagesFor the past three days, oil and gas traders have watched as a worst-case scenario unfolded for global energy supplies. Tanker traffic through the Strait of Hormuz, through which a fifth of oil production flows, has all but ground to a halt. Iranian missile and drone attacks forced the closure of both the world’s biggest liquefied natural gas facility and Saudi Arabia’s largest oil refinery.And yet while prices surged higher, the scale of the moves has been far smaller than in previous crises. Brent crude is only at its highest since June, while the 39% spike in European natural gas barely registers as a blip compared with the dramatic moves of the 2021-22 energy crisis.