The Daily War in Iran Triggers Chaos in Global Oil Market
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Mar 11, 2026 
Rebecca F. Elliott, an energy reporter for The New York Times who covers oil markets and geopolitics, breaks down how the Strait of Hormuz's disruptions ripple through global energy. She discusses attacks and shipping slowdowns. She covers volatile price swings and policy signals. She compares today's risks to 1970s oil shocks and outlines possible responses like reserves and escorts.
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Strait Of Hormuz Is A Small Route With Huge Leverage
- The Strait of Hormuz is a critical choke point carrying about a fifth of the world’s oil and much of its liquefied natural gas.
- At its narrowest it's ~21 miles wide and shipping lanes are smaller, so attacks there quickly stall global shipments and push prices up.
Attacks And Insurance Collapse Have Halted Tanker Traffic
- Attacks and insurance refusals have effectively stalled traffic so tankers are stranded on both sides of the strait.
- With ships unable to pick up or deliver oil, more than 80% of the region's LNG and oil shipments to Asia are delayed, spiking market volatility.
Markets Explode When Policy Signals Are Unclear
- Oil prices swung wildly, briefly topping $100+ and moving as much as ~$30 a barrel in a day amid uncertainty about war duration.
- Traders reacted to confusing signals from President Trump and shifting reports, amplifying the price gyrations.