The global oil market is facing significant strain as safety measures to control petroleum prices are nearly depleted.
As of September 29, 2026, traffic through the Strait of Hormuz, a key corridor for Middle Eastern oil exports, has dropped to under 15% of its usual prewar levels. This situation has led to a sharp increase in oil prices.
The cost of oil surged dramatically from US$65 per barrel before the onset of the conflict in Iran in February 2026 to over $100 per barrel by mid-September.
Consumers are experiencing the effects of these changes, as energy costs continue to rise. With tensions affecting supply routes, more price increases may be imminent.
A sign showcasing gas and diesel prices is seen along Interstate 5 in Williams, California, on September 28.