Iran attacks roil Mideast markets, though oil impact stays moderate

U.S. and Israeli strikes on Iran, coupled with Iranian missile assaults on the Gulf, are playing havoc with world markets as tanker traffic through the Strait of Hormuz has practically ground to a halt. 

Oil prices, though, have risen only modestly compared with past crises, suggesting traders are betting on a short-lived conflict, Bloomberg reports.

The effective stoppage of about 20% of global seaborne oil flows has pushed the price of Brent crude to its highest since mid-2025, but the scale of gains remains limited partly because major producers still can redirect some supply and spare capacity cushions the market.

Natural gas prices have spiked far more sharply than crude, reflecting the fact that disruptions to LNG infrastructure in the Gulf have a more punishing impact than on oil, the news agency said.

​​QatarEnergy announced on Monday that it ceased LNG production after military attacks on its Ras Laffan complex, the world’s biggest natural gas export facility.