The Middle East conflict has triggered a global energy crisis as oil tankers divert from the Persian Gulf amid escalating attacks. With the Strait of Hormuz near-halted, storage tanks across the region are filling rapidly, forcing refineries to cut capacity. Saudi Arabia has begun loading extra crude at Yanbu port as alternative routes emerge.

Drone strikes have hit refineries in Saudi Arabia, Kuwait, and Bahrain, while Qatar shut its massive LNG export plant following an attack. Iraq has started shutting down its biggest oil fields after losing access to Hormuz. The crisis has sent US crude futures above $85 a barrel for the first time in nearly two years, with Brent crude up over 20% this week.

President Trump has signaled "imminent action" to ease prices, and the Treasury Department relaxed curbs on India's Russian oil purchases. However, Goldman Sachs warns oil could top $100 a barrel if disruptions persist. China has ordered its top refiners to suspend diesel and gasoline exports as deliveries are disrupted. In the US, gasoline prices have reached their highest level under Trump's presidency, potentially creating political challenges ahead of midterm elections.