Oil prices continued to rise Tuesday afternoon due to the Gulf War, fueled by uncertainty surrounding the conflict, the closure of the Strait of Hormuz to shipping, and Iranian attacks on energy infrastructure in the region. Brent crude, the European benchmark, rose more than 4% Tuesday morning compared to the previous day, reaching $104.23 per barrel. However, by early afternoon, the price increase had moderated to 1.30%. Similarly, West Texas Intermediate (WTI) crude, the US benchmark, was up nearly 1.5% at the same time Tuesday afternoon, reaching $93.99 per barrel, while natural gas rose 1.40% to €51.60 per megawatt.

The war in the Middle East has rapidly driven up oil and natural gas prices, with one clear strategic geographic point becoming Iran's primary weapon: the Strait of Hormuz. This maritime passage carries approximately a quarter to a fifth of the world's crude oil and natural gas. Its closure by Iran, aside from disrupting global energy markets, directly impacts the region's economies, as they cannot sell the oil and gas they extract and, in some cases, have had to shut down their refineries and liquefaction plants. Furthermore, the closure of the Strait of Hormuz threatens shortages of crude oil, gas, and petroleum products in many countries, especially in the Asia-Pacific region, which are the largest buyers of products from producers on the Arabian Peninsula, as illustrated in the infographic.