In 1973, OPEC proclaimed an oil embargo on the U.S. for its decision to resupply the Israeli military during the Yom Kippur war. The embargo lasted until March 1974, and during this time oil prices quadrupled. To control supply, the federal government under Nixon rationed oil, by state, to 1972 levels. By February 1974, it…
Smoke rises from the direction of an energy installation in the Gulf emirate of Fujairah on March 14, 2026. Smoke could be seen rising from the direction of a major UAE energy installation on March 14, in what appeared to be the latest strike targeting the Gulf’s petroleum facilities hours after the US struck Iran’s…
The clock is ticking on the U.S.-Israeli war in Iran. The emerging view from oil industry executives and analysts is that the economic and market fallout from the war could escalate sharply if the Strait of Hormuz isn’t reopened within roughly the next one to three weeks. Even then, enough damage may have been done already…
The ripple effects of the war in Iran are ever-widening. Soaring oil prices continued to put pressure on stocks last week, with the Dow and Nasdaq slipping into correction territory, defined by declines of 10% or more from record highs. The Dow and Nasdaq sank 1.7% and nearly 2.2%, respectively, on Friday and just about…
HOUSTON — The CEOs of the world’s most influential oil and gas companies delivered a sobering message this week about the impact of the Iran war on energy supplies and the long-term consequences for the global economy. The executives gathered in Houston, Texas, for S&P Global’s annual CERAWeek energy conference to take stock of the…
Protesters, predominantly Houthi supporters, demonstrate in solidarity with Palestinians, in Sanaa, Yemen on Aug. 1, 2025. Khaled Abdullah | Reuters Yemen’s Houthis launched a missile strike against Israel, the group said Saturday. It was the first time the Tehran-backed militia had intervened in the U.S.-Israeli-led war against Iran, which has entered its second month. “The…
USPS and United Airlines. Joe Raedle | Grace Hie Yoon | Anadolu | Getty Images As the U.S.-Iran war enters its fifth week, consumers are facing economic consequences that impact everything from travel planning to mail delivery. Companies and other organizations are increasingly preparing for an environment in which the conflict — and subsequent jolt…
The Iran-flagged container vessel “Nora”, in Kalundborg harbor, Denmark, March 18, 2026. The vessel was detained by Denmark’s maritime authority in February over registration concerns. Jens Nielsen | Via Reuters LONDON — European stocks followed Asian markets sharply lower at the start of the new trading week, as further escalation in the Iran war drags…
An Islamic Revolutionary Guard Corps (IRGC) speed boat sailing along the Persian Gulf near a cargo vessel. Nurphoto | Nurphoto | Getty Images With oil prices at levels not seen in years and global business supply chains across sectors of the economy shut down by the de facto closure of the Strait of Hormuz, faith…
Things just keep getting worse for the stock market. The S & P 500 , Nasdaq , and Dow suffered their fourth consecutive week of losses as the Iran war and hot wholesale inflation stoked economic concerns. Nvidia ‘s annual GTC developers event last week was chock full of bullish announcements and the talk of…
