Research
June 8, 2026
The war in Iran has caused the largest disruption in the history of the oil market, and Iranian threats to shipping through the Strait of Hormuz havebrought tanker transits far below their usual levels.
Despite the United States being the largest oil producer in the world, it is still exposed to the same price shocks as elsewhere because oil is a globally traded and largely fungible commodity.
While oil companies are profiting from higher prices today, this war has created a much more uncertain market environment for future investment. Going from an oil glut prewar to a supply shock now, oil producers in the United States have been slow to increase production so far.
