With conflict raging in the Middle East yet again, there's bound to be rippling effects across the world from trade to energy. Following U.S. air strikes over Iran, the latter has retaliated by closing down the Strait of Hormuz.

The U.S.-Israeli attack raises the risk of major oil supply disruption. Iran is the fourth-largest OPEC producer and sits on the critical Strait of Hormuz.

Nearly 20% of the world's oil supply passes through the Strait of Hormuz. In the previous year, 20 million barrels of crude oil, and condensate and fuel passed through the strait every day last year,

Effective closure of the narrow waterway could spell trouble for many developed economies

LONDON, Feb 28 (Reuters) - Global energy markets face one of their gravest shocks in decades as joint U.S. and Israeli strikes on Iran and Tehran’s retaliatory missile attacks across the Gulf disrupt oil exports from the world’s most important producing region.

"History teaches us that in terms of oil, trouble in the [Persian] Gulf doesn't typically stay local," said Nigel Green of deVere Group. Oil prices on Wednesday settled at their highest level in over three months, driven up by fears that the geopolitical ...

Fear but no panic on the streets. Marc Frank The Cuban government has drastically cut energy and fuel consumption and is downsizing and decentralizing most activity to the local level, where people can walk and use non-fossil-fuel-driven transportation,

Russia’s invasion of Ukraine spiked oil prices to over $100. On March 8, 2022, it reached $127. It spiked over $100 again in June of that year. Oil recently settled into a consumer-friendly pattern; it fell as low as $56 last December.

Energy crisis cost Scottish economy £11bn, study finds - The report shows soaring gas prices cost Scottish households an additional £5.8 billion between 2021-24.