Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTCatherina GioinoThu, June 25, 2026 at 4:06 PM GMT+2 4 min readWhen the U.S. launched strikes on Iran in late February, the immediate concern was oil prices. The Strait of Hormuz—through which roughly 20% of global oil supply flows—closed, sending energy markets into a spiral and gas prices past $4 a gallon in the U.S. within weeks. Domestically and abroad, people felt the oil supply at the pump: