Fire breaks out at the Shahran oil depot after US and Israeli attacks, leaving numerous fuel tankers and vehicles in the area unusable in Tehran, Iran on March 8, 2026. | Hassan Ghaedi/Anadolu via Getty Images The oil market’s worst nightmare just came true. For decades, energy traders have feared that a war might one day close the Strait of Hormuz — the narrow waterway that links the Persian Gulf’s oil reserves to global markets. Before today’s war in Iran, about one-third of the world’s seaborne oil exports and a fifth of global natural gas shipments flow through the strait each day...

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