HTTPS://fixthenews.com, March 11, 2026 (paid content)
On a normal day, around 100 ships pass through the Strait of Hormuz. Right now, it’s effectively zero. Brent, the global oil price benchmark, is a third higher than it was a month ago. Europe’s Dutch TTF hub price, one of the main global reference points for fossil gas, has almost doubled.
By some measures, the Iran War is already the largest sudden disruption of oil and gas supply in modern history. Analysts are scrambling to keep track of the chaos, but history suggests moments like this are rarely about the prices, and more about what governments do once the shock subsides.
It’s worth recalling what happened after the world’s last major oil crisis. The embargo issued by the Gulf states in 1973 lasted only five months, but what followed was a chain of events that reshaped the dollar, the distribution of power between East and West, and contributed to the economic conditions that made the collapse of communism possible. The spot price of oil was a lot