A report found that the 2026 Iran war is the largest oil supply disruption in history.

Beyond oil, the Iran war is pushing up costs on fertilizer, prescriptions, and mortgages, too

Gas is up 27% since fighting began, but the Strait of Hormuz also carries a third of the world's fertilizer, petrochemicals used in generic drugs, and helium for semiconductor manufacturing. Mortgage rates have climbed back above 6.4%, and economists warn $130 oil could tip the U.S. into recession.

Why have gas prices surged nearly 27% since the Iran war began?

Oil passing through the Strait of Hormuz makes up only about 7% of US crude imports. However, crude oil prices account for 51% of the cost of a gallon of gas in the US. US refiners pay the Brent crude futures price, even for domestic drilling.

Iran's 1979 revolution sparked a second oil shock—and reconfigured global energy markets.

OPEC’s 1973 embargo sparked the first global energy shock

In October 1973, Arab OAPEC countries stopped or significantly reduced oil exports to nations backing Israel during the Yom Kippur War. Crude prices nearly quadrupled, sparking global shortages, economic recession, rationing, and major energy policy reforms.

See how the rivalry between Iran and Israel has remade the Middle East

This 2025 documentary explores how the relationship between Iran, Israel, and the United States has shaped Middle Eastern geopolitics for decades. The film covers events leading up to and following the 2025 12-day war involving these nations.

Iran-Iraq war drained over $1T from the combined economies of Iran and Iraq

Across eight years (1980-88), Iran and Iraq each lost about $500 B in GDP, infrastructure destruction, military expenses, disrupted oil exports, and mounting debt—totaling over $1 T in economic damage.

The 1967 war was the first use of oil as a geopolitical weapon

Following the June 1967 Arab–Israeli war, Saudi Arabia, Kuwait, Iraq, Libya, and Algeria embargoed oil shipments to the US, UK, and West Germany. While the move did not have a large impact, it reshaped global oil flows, and foreshadowed OAPEC's later actions.

Air pollution in war-torn Iran unleashes invisible toxic threats

Burning oil depots and bombed buildings are endangering the health of millions of people during the 2026 attacks. Heavy metals from munitions and other damaged materials are going airborne, but the exact health implications depends on dose, wind currents, and other factors including preexisting health conditions.

The 1973 oil embargo by OPEC inspired advances in alternative energy technology

The shortages imposed by the Organization of Petroleum Exporting Countries (OPEC) created a global energy crisis and economic instability after the Arab-Israeli War. This led to investments in green technologies and improvements in automobile fuel efficiency and manufacturing.

Lessons from the 1973 energy crisis still echo in today’s geopolitical battles over oil

The video from the Economist highlights how energy supply disruptions can be weaponized—just as in 1973, today’s gas cutoffs (Russia throttling supplies to Europe after their invasion of Ukraine) reveal the ongoing importance of strategic energy resilience.

Iraq invaded Iran in 1980, drawing the new Islamic Republic into a devastating eight-year war

Just a year after the revolution, Saddam Hussein invaded Iran, hoping to exploit its post-revolutionary instability. The brutal conflict killed hundreds of thousands in one of the century's deadliest conflicts and forced Khomeini's government to consolidate power.

As of 2024, the nation with the largest proven oil reserves is Venezuela

According to estimates derived from available geological and engineering data, the South American country possesses about 303 billion barrels of underground crude oil, followed by Saudi Arabia (267.2 billion) and Iran (208.6 billion). Many of the largest reserves are held by members of the Organization of the Petroleum Exporting Countries.

Oil prices have been volatile for decades

This explainer shows oil’s rollercoaster: OPEC-led embargoes in the 1970s, shale surges in the 2000s, and the US flip to becoming a net oil exporter in 2020.

As of 2022, the US accounted for nearly one-fifth of global oil production

By 2022, the US had cemented its position as the world’s top oil producer with close to 18 million barrels per day. This eclipsed Saudi Arabia and Russia.

Explore a timeline of US dependence on crude oil from 1850 to 2023

Oil dependence began with the rise of oil as a commodity, followed by an era of geopolitical competition for the resource after World War II. The domestic fracking boom, which started around 2006, was driven by a desire to reduce the nation's dependence on international adversaries for energy.

Oil’s legacy: fueling industrial growth and shaping imperial strategies

This episode of The Rest Is History podcast traces oil’s pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.

Oil shocks, war, and the 1970s crisis that remade American energy and economics

The oil crises of the 1970s—fueled by Middle East conflict and OPEC’s dominance—triggered inflation, price controls, and policy failure. But they also accelerated fracking, alternative energy, and the rise of free-market economics.

Iran's Revolutionary Guard Corps became one of the most powerful forces in the Middle East

Created after the 1979 revolution to protect the new Islamic Republic, the IRGC grew into a force that controls Iran's ballistic missile arsenal, funds, and arms regional proxy groups such as Hezbollah and Hamas, and answers directly to the supreme leader.

View a breakdown of worldwide oil production since 1900, mostly led by the US

When analyzing the production of crude oil, shale oil, oil sands, and condensates since the start of the 20th century, Saudi Arabia produced more crude oil only in 1977, from 1979 to 1981, and from 1991 to 2016. Nations such as Iraq and the United Arab Emirates produced much smaller quantities than both Saudi Arabia and the US.

Oil nationalization triggered the CIA‑backed 1953 coup in Iran

NPR's Four Days in August podcast recounts the four days of covert CIA‑UK operations in Iran that toppled Prime Minister Mossadegh in August 1953. Threats of Iranian oil nationalization were a major driver of the decision to facilitate regime change.

Oil prices spiked when Russia invaded Ukraine in 2022

The price of a barrel of Brent crude experienced volatility in the early 2020s. This chart shows price spikes at the beginning of the pandemic and again when Russia invaded Ukraine.

The US shipped nearly 4 billion barrels of oil abroad in 2024

More than half of the US’s oil is exported as the country produces mainly light, sweet crude but has many refineries that handle heavy, sour types.

The 1979 Iranian Revolution inspired other Islamist movements and alarmed Sunni governments

By establishing the world's first modern Islamic theocracy, the revolution inspired Islamist movements across the region and alarmed Sunni Arab governments. The resulting rivalry between Shia Iran and Sunni Saudi Arabia has since fueled proxy conflicts in Lebanon, Iraq, Syria, and Yemen that persist today.

Mosaddegh nationalized Iran's oil industry in 1951, threatening Western control of the country's resources

Before nationalization, British companies controlled most of Iran's oil wealth, with little revenue returned to Iranians. Mosaddegh's decision made him a national hero at home but triggered a Western-led embargo and ultimately contributed to the coup that removed him from power.

Hear how the US and Iran went from close allies to bitter adversaries after the 1979 revolution

Covering five decades of conflict and diplomacy, this podcast examines key flashpoints—from the Iran-Iraq War and the 1983 Beirut bombings to Iran's use of proxy forces and cyberattacks—offering insight into one of the most consequential and complex rivalries in modern geopolitics.

The Middle East's cold war, explained

The Middle East is one of the most complex regions in the world, including a complicated web of conflicts and actors. Two countries, Saudi Arabia and Iran, have torn apart the region by supporting opposing sides in other countries and indirectly...

Trace the rise of oil: from early drilling to today’s global power

This animated map video vividly illustrates how petroleum shaped global politics and industry—from 18th-century uses and 19th-century drilling booms in North America to today’s OPEC strategies, shale revolution, and geopolitical oil influence.

Mapping projected food inflation across the world in 2026

Iran tops the list of hardest-hit countries with a projected 56% inflation on food prices in 2026, followed by Argentina (33%) and Turkey (25%). In the opposite direction is Niger, whose food inflation is expected to drop 18% as a result of strong harvests and financial stabilization. The global average of food inflation is expected to be 3%.

The UN found that the Islamic Republic of Iran used genocidal tactics after the revolution

A 2024 report classified Iran's mass executions of political prisoners in the 1980s as genocide and crimes against humanity, finding that thousands were arbitrarily killed under Khomeini's orders by "death committees" targeting perceived religious and political enemies.

In 2016 OPEC and 10 major producers—including Russia—launched OPEC+

OPEC+ emerged in 2016 when 10 additional producers, including Russia, joined to stabilize markets amid U.S. shale growth. In 2022, OPEC alone supplied 38 % of global crude oil, but combined with OPEC+, output reached nearly 59 % of world production—significantly amplifying its market power.

Could water scarcity cause future wars in the Middle East?

The MENA region is facing a looming water crisis that could lead to future conflicts. While water scarcity isn't new in the Middle East, the region is among the most water scarce in the world. Home to only 1% of the world's fresh water...

Japan attacked Pearl Harbor largely because it was running out of oil

This video traces how US-led sanctions and Japan’s near-total dependence on imported oil pushed Japanese leaders toward a high-risk plan: seize Southeast Asian oil fields and neutralize the American Pacific Fleet, hoping Washington would negotiate rather than fight.

China is the world’s largest importer of crude oil

China is pushing to reduce its reliance on US oil to limit geopolitical vulnerabilities. It’s rapidly becoming the world’s renewable energy superpower.

The Sunni-Shia divide has fueled conflict and rivalry throughout the Middle East for centuries

Islam's ancient sectarian split, rooted in a seventh-century dispute over succession following the Prophet Mohammed's death, has shaped modern geopolitics—most visibly in the proxy rivalry between Sunni Saudi Arabia and Shia Iran, whose competition for regional dominance has inflamed conflicts across Syria, Iraq, Lebanon, and Yemen.

The Russia-Ukraine war greatly affected the global food supply

Russia's invasion devastated Ukraine's agricultural sector, destroying farms, ports, and grain infrastructure and causing over $40B in losses. Disrupted exports fueled global food insecurity, while Moscow leveraged its grain exports to expand influence across the Global South.

The US exported more crude oil and petroleum products than it imported in 2025

In fact, the US has been exporting more oil and petroleum products than it imports since August 2021. Petroleum and petroleum product exports totaled about 10.7 million barrels per day, whereas imports totaled about 7.9 million barrels per day.