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A U.S.-Israel military strike on Iran in February 2026 shut the Strait of Hormuz for nine weeks, pushing U.S. gasoline above $4 per gallon. IMF chief Pierre-Olivier Gourinchas says the energy shock could rival the 1970s oil crisis in severity. Global oil demand is recording its largest monthly decline in five years, combining supply-shock inflation with accelerating demand destruction.
Oil prices broke above $100 per barrel on April 14, 2026, as escalating US-Iran tensions over a Strait of Hormuz blockade sent traders into risk-off mode. The dollar strengthened on safe-haven demand while equity markets wobbled, creating volatile conditions across commodity and currency markets despite stable monetary policy from the Bank of Canada and Federal Reserve.
Crude oil surged above $100 per barrel on April 14, 2026, after President Trump ordered a blockade of the Strait of Hormuz following collapsed US-Iran negotiations. The geopolitical shock sent the two-year Treasury yield to 3.77% as traders balanced inflation fears against safe-haven demand.
Brent crude reached its highest price since July as military escalation between the US and Iran triggered a 5% drop in Saudi Arabia's Tadawul Index. The energy spike coincides with the S&P 500's worst monthly performance since March, while Treasury yields dropped to 2022 lows.