Today in Focus Could the Iran war trigger a global economic crisis? – The Latest
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Mar 4, 2026 
John Collingridge, Guardian business journalist and head of business, explains market turmoil and surging energy prices. He outlines why the Strait of Hormuz matters and how halted Gulf exports ripple through heating, fertiliser and plastics. He describes current security risks, naval escorts and who might gain or lose from disrupted supplies.
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Markets Reacted Sharply To Strait Disruption
- Global markets plunged and commodity prices surged after weekend attacks, with Asian exchanges using circuit breakers amid sharp falls.
- Oil and especially gas spiked because shipments through the Strait of Hormuz were halted, tightening global supply quickly.
Strait Of Hormuz Is The World's Gas Station
- The Strait of Hormuz is critical because Gulf states export huge volumes of oil and liquefied natural gas to Asia and beyond.
- Qatar's LNG is shipped on super-cooled tankers through this narrow route, so blockages create large queues and halted deliveries.
Fighting Has Created A Massive Shipping Backlog
- Missiles and drones have hit regional oil and gas infrastructure, prompting producers to halt or limit output.
- An estimated 3,000 ships are waiting to pass the strait, versus the usual roughly 80 vessels per day, creating massive backlogs.