Iran Conflict Sends Oil Prices to Four-Year Highs, Disrupts Strait of Hormuz

Oil and gas markets endured a volatile second quarter as conflict in Iran drove Brent crude to four-year highs, with the benchmark briefly touching above $117 per barrel amid severe disruptions to transit through the Strait of Hormuz.

The industry faced widespread knock-on effects, including damage to critical LNG infrastructure in the region and a scramble among traders and shippers to establish alternative routes for natural gas exports. Analysts noted that most regional crude production is expected to return closer to pre-conflict levels only by early 2027.