# Middle East oil faces crisis amid 'everything everywhere all at once' wars Energy markets are grappling with multiple chokepoints and shortages. - **Source:** [Fortune](https://fortune.com) - **Published:** 2026-07-26 - **Topic:** [Business](https://brifing.si/c/business) - **Original article:** - **On Brifing:** https://brifing.si/s/0700a5b8-a2ba-420d-81a0-184600f76887 ## Crisis in oil markets Conflicts in the Middle East are impacting energy markets. Tensions in the Persian Gulf and the risk of closing the Strait of Hormuz threaten oil flow. This situation could severely affect global oil supply. ## Importance of the Strait of Hormuz The Strait of Hormuz is a critical waterway for about 20% of the world's oil trade. Its closure, under Iran's control, could deeply shake global energy markets. ## Threat to the Bab el-Mandeb Strait Iran-backed Houthi rebels are attacking ships in the Bab el-Mandeb Strait. This strait is an alternative route for Saudi Arabia's oil exports. However, it is not suitable for large oil tankers. ## Crisis in refined products In addition to crude oil, there is a serious crisis in refined products. Russia's decline in diesel production and Ukraine's attacks are depleting refined product stocks. ## Rising oil prices Due to conflicts and chokepoints, oil prices are rising rapidly. Experts predict that the price per barrel could reach $124. ## Global energy security Conflicts in the Middle East and oil chokepoints threaten global energy security. This situation could create significant pressure on the world economy. ## Sources covering this story - https://fortune.com/2026/07/26/mideast-oil-iran-war-hormuz-red-sea-black-sea-refined-products-supply-crisis/ — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._