Brent crude oil futures reached approximately $102 a barrel by November 3, 2026, rising from around $60 a barrel earlier in 2026 due to Strait of Hormuz shipping disruptions

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The United States and Israel initiated a war against Iran in late February 2026, leading to Iranian military forces seizing control of the Strait of Hormuz and surging global oil prices

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Iran exempted vessels from India, China, Iraq, and Qatar from transit restrictions in the Strait of Hormuz

Amir Hayat-Moghaddam stated that Iran exempted Indian vessels from Strait of Hormuz restrictions to facilitate medicine transportation and imports from India to Iran

The global fuel price surge resulting from the Strait of Hormuz crisis caused by the US-Iran conflict cost India an additional $22 billion within a total global fuel expenditure increase of $330 billion

Amir Hayat-Moghaddam stated that Iran exempted Chinese vessels from Strait of Hormuz restrictions to secure Beijing's political support

The United States and Israel jointly launched military strikes against Iran on February 28, 2026, leading Tehran to restrict passage through the Strait of Hormuz

Amir Hayat-Moghaddam stated that Iran collects transit fees from Indian and Chinese vessels, allows Qatari vessels free passage, and did not specify fee terms for Iraqi ships

India relies on the Strait of Hormuz for 90 percent of its liquefied petroleum gas imports and over 50 percent of its liquefied natural gas imports from Qatar and the United Arab Emirates

India imports roughly 90 percent of its crude oil requirements, with approximately 30 percent of those crude imports currently transiting through the Strait of Hormuz

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U.S. officials stated that the U.S. military conducted strikes on Qeshm, Iran

Iran's Islamic Revolutionary Guard Corps reported on November 4, 2026 that two additional oil tankers were intercepted and seized in the Strait of Hormuz

Iran closed the Strait of Hormuz to shipping following U.S. strikes and demanded U.S. acceptance of its peace proposal before reopening the waterway

Iran's Islamic Revolutionary Guard Corps stated on November 4, 2026 that four oil tankers were destroyed after hitting naval mines in a prohibited southern route in the Strait of Hormuz

Iran's Islamic Revolutionary Guard Corps announced on November 1, 2026 that two oil tankers struck Iranian mines while navigating unauthorised routes in the Strait of Hormuz

Iran's Islamic Revolutionary Guard Corps stated that oil tankers turned off their navigation systems to pass covertly through the Strait of Hormuz with U.S. military support

The military conflict with Iran launched by President Donald Trump in February 2026 in tandem with Israel exacerbated domestic inflation by raising diesel and energy prices across supply chains

Iran's retaliatory closure of the Strait of Hormuz following U.S. military action led to rising global oil prices and increased gasoline costs for American motorists

Regional oil production and shipping through the Strait of Hormuz were disrupted following United States and Israeli strikes on Iran on February 28, 2026.

Saudi Arabia partially offset oil export disruptions caused by conflict in the Strait of Hormuz by redirecting crude shipments through an east-west pipeline to a Red Sea export terminal.

Saudi Arabian oil sector activity fell 20.4% year over year in the third quarter of 2026, subtracted 4.7 percentage points from real GDP growth, and improved from a 24.8% contraction in the second quarter of 2026.