Friday marks half a year since the U.S. and Israeli bombing of Iran triggered a conflict that upended the entire region, disrupted global energy supplies and sent shock waves through global financial markets.
The conflict has affected everything, from oil production and prices to equities, safe-haven assets and food prices.
Costly energy
Oil prices soared as Gulf production was disrupted and shipments through the Strait of Hormuz curtailed. Brent crude briefly topped $120 in April and still averages about $90 in 2026, up from roughly $70 last year.
The biggest impact has been on refined fuels. Diesel prices have risen more sharply amid shortages of middle distillates, Russian refinery outages caused by Ukrainian attacks and lost Gulf export flows.
