The recent attacks on Iran by the United States and Israel have escalated geopolitical conflicts in the Middle East, triggering a global energy storm. From soaring crude oil prices to sudden disruptions in liquefied natural gas supplies, from near-paralysis of key shipping routes to the spread of global stagflation risks, the impact of this conflict on the global energy supply crisis continues to unfold.
The surge in international oil prices is a direct manifestation of the comprehensive impact of the Middle East crisis on global energy supply, shipping systems, and market sentiment. This impact is rapidly permeating the entire energy industry chain from the crude oil market, triggering a chain reaction. The Middle East controls nearly 30% of the world's oil supply, and the Strait of Hormuz, the "world's energy choke point," handles 20% to 30% of global oil shipping. Major Middle Eastern oil-producing countries rely on this waterway for 90% of their energy exports. Iran, as a major global oil producer, produces approximately 3.3 million barrels of oil per day and exports over 2 million barrels per day, accounting for about 3% of global crude oil supply. Following the US-Israeli attacks, an explosion occurred on Kharg Island, a key Iranian export hub, temporarily disrupting some production capacity and directly igniting market panic regarding tightening supply. As of the close of trading on March 3rd in New York, the price of light sweet crude oil futures for April delivery on the New York Mercantile Exchange rose $3.33 to settle at $74.56 per barrel, an increase of 4.67%; the price of Brent crude oil futures for May delivery on the London ICE Futures Exchange rose $3.66 to settle at $81.40 per barrel, an increase of 4.71%. Meanwhile, the drone attacks on Qatar's energy facilities led to a complete halt to liquefied natural gas (LNG) production, resulting in the removal of nearly 20% of global LNG export capacity, further exacerbating the tight global energy supply situation.
