Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTMatthew SmithSat, August 1, 2026 at 11:00 PM GMT+2 6 min readMiddle East turmoil, centered on the U.S. war with Iran, is playing havoc with world energy markets. An ongoing dispute over access to the Strait of Hormuz, through which a fifth of world oil and natural gas supply is shipped, is causing prices to surge. This is a boon for South America's oil industry, particularly