Things are heating up fast between Israel and Iran, and global energy markets are watching with serious concern.
Pulitzer-winning oil expert Daniel Yergin says the next three to five days could be a turning point. Why? Because even though oil is still flowing, the Israel-Iran conflict is pushing the world closer to a major energy shake-up.
Missile strikes between the two countries have continued for six straight days. On Wednesday, things got more intense. Iran and Israel fired new missiles at each other while U.S. President Donald Trump, fresh off ditching a G7 summit, called for Iran’s “unconditional surrender.”
Yergin, speaking at the Energy Asia conference, didn’t mince words: “This feels like the climax of a 46-year battle.” He was talking about tensions dating back to the 1979 Iran hostage crisis.
Oil Prices Are Already Moving
On Friday, oil prices spiked after Israel launched an attack on Iran. They’ve stayed shaky ever since. And yet — no actual disruption to Gulf oil or gas supplies. Not yet.
But markets don’t wait for bombs to fall on oilfields. They react to fear. And right now, fear is in the air.
Yergin noted the Trump administration is sending very loud messages, including Trump’s early exit from the G7. “This is an unprecedented situation,” he said.
Strait of Hormuz: The Flashpoint
Here’s the real danger: Iran has threatened to block the Strait of Hormuz.
That’s the tight stretch of water between the Gulf and the Gulf of Oman. Around 20% of the world’s oil flows through it. If it gets blocked — even briefly — prices could explode.
But Yergin made another key point. “The U.S. Navy has had 40 years to prepare,” he said. So if Iran does block the Strait, expect a fight. And fast.
Who Speaks for Iran Now?
Even if there’s a chance for talks, there’s a big question: Who’s actually in charge in Tehran? Yergin believes Iran’s internal communication may already be broken. And when bunker buster bombs are “on the table,” diplomacy takes a back seat.
Still, there’s talk of talks. Trump recently hinted at opening channels. But the longer this conflict drags out, the more the oil markets will feel the heat.
The Israel-Iran crisis isn’t just another regional fight. It’s sitting on top of the global oil supply — and things could get messy very quickly.
Stay alert. Because what happens in the Gulf won’t stay in the Gulf.
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