Timeline
March 1, 2026 — March 5, 2026
World
Timeline: How the Iran Crisis Disrupted Global Energy Markets Over 5 Days
Following US and Israeli attacks on Iran in late February 2026, a rapidly escalating Middle East conflict brought shipping through the Strait of Hormuz—a chokepoint for 20% of global oil and gas—to a near standstill. This timeline tracks how the crisis triggered massive energy price spikes, supply disruptions, and global economic concerns over five critical days in early March.
15 events · 4 days · 30 source articles
Sun, Mar 1, 2026
Moderate
Goldman Sachs Warns of Potential 130% Gas Price Surge
As tensions escalate in the Middle East, Goldman Sachs Group Inc. issues a warning that European natural gas prices could more than double if shipping through the Strait of Hormuz is halted for just one month. LNG tankers begin diverting away from Qatar and UAE loading terminals as shipowners and traders avoid the strategic waterway.
Mon, Mar 2, 2026
Major
Ships Attacked Near Hormuz; Iran Warns Against Transit
At least three ships are attacked near the Strait of Hormuz, with two vessels struck and an unknown projectile exploding near a third, according to UK Maritime Trade Operations. Iran warns ships not to pass through the strait. International shipping comes to a near standstill at the strait's entrance, and oil prices jump sharply in response.
Mon, Mar 2, 2026
Major
Brent Crude Surges 13% as Markets Brace for Volatility
Brent crude jumps by as much as 13% to above $82 per barrel at Monday's open as oil markets brace for prolonged volatility and sustained disruptions. Australian LNG exporters see their shares surge as the crisis hampers about a fifth of global LNG supply. Fuel prices, particularly diesel, surge even more than crude oil.
Mon, Mar 2, 2026
Major
European Gas Jumps 25% on Supply Disruption Fears
European natural gas prices surge 25% as fighting across the Middle East raises fears of major disruptions to global energy supplies. The halt to energy shipments through the Strait of Hormuz begins disrupting how some of the world's major oil grades are priced, creating pricing confusion in markets.
Mon, Mar 2, 2026
Moderate
US LNG Exporters Positioned to Benefit Despite Capacity Limits
US liquefied natural gas exporters stand to gain from the Middle East supply disruptions, though benefits may be limited as American producers are already operating near maximum capacity for shipping cargoes. The crisis creates an opportunity for US producers but highlights infrastructure constraints.
Tue, Mar 3, 2026
Moderate
China Pressures Iran to Keep Hormuz Open for Energy Shipments
Senior gas executives reveal that China is pressuring Iranian officials to avoid actions that would disrupt Qatari gas exports or other energy shipments through the Strait of Hormuz. This diplomatic effort highlights China's dependence on Middle Eastern energy and its attempt to moderate the crisis's impact.
Tue, Mar 3, 2026
Major
Qatar Suspends LNG Production After Military Attacks
Qatar's state-owned QatarEnergy suspends liquefied natural gas production following military attacks on its facilities. Europe's benchmark gas price (Dutch TTF) rises by more than 40% at one point. Asian oil refiners begin considering reducing operating rates due to difficulties accessing crude through the Strait of Hormuz.
Tue, Mar 3, 2026
Moderate
Diesel Premium Hits Highest Level Since Summer 2023
Diesel's premium to crude oil surges to its highest since summer 2023 as the Middle East conflict threatens global supplies. Brent futures trade at the biggest premium to the Middle Eastern Dubai marker since 2022, reflecting the disruption to regional oil flows and market dislocation.
Wed, Mar 4, 2026
Major
Asian LNG Prices Soar to Three-Year Peak
Asian liquefied natural gas prices surge to the highest level since 2023 as the Middle East conflict forces the shutdown at Qatar's world's largest export plant and halts shipping through Hormuz. Japan power futures jump as traders hedge against rising energy costs, while European gas extends its biggest rally in four years.
Wed, Mar 4, 2026
Moderate
US Hormuz Protection Plan Fails to Calm Markets
European natural gas continues rallying despite a US plan to protect crucial tanker shipping through the Strait of Hormuz, as shippers remain unconvinced by the security guarantees. The skepticism reflects doubts about whether military protection can ensure safe passage through the conflict zone.
Wed, Mar 4, 2026
Moderate
German Fuel Prices Spike 20% in Days
Prices at German pumps for petroleum and diesel rise by around one-fifth in just a few days, with diesel exceeding €2 per liter. The ADAC motoring club reports unprecedented daily price increases as oil production and shipments remain severely disrupted by the fighting in Iran and the wider Middle East.
Wed, Mar 4, 2026
Major
Putin Threatens to Cut Gas Supplies to Europe
Russian President Vladimir Putin warns that Russia could halt gas supplies to Europe amid the Iran crisis energy spike, linking the threat to EU plans to ban Russian gas purchases. The warning compounds Europe's energy security concerns as the continent faces both Middle East disruptions and potential loss of Russian supplies.
Thu, Mar 5, 2026
Moderate
LNG Tankers Reroute from Europe to Asia
At least three LNG tankers divert toward Asia while en route to Europe as Middle East turmoil spurs competition for fuel supplies. Asia becomes a more profitable destination than Europe following the price rally. One tanker originally bound for France is rerouted to Asia, signaling escalating competition for limited gas supplies.
Thu, Mar 5, 2026
Moderate
US Diesel Hits $4 Per Gallon for First Time Since April 2024
The national average price of diesel in the United States reaches $4.00 per gallon, the first time since April 2024, according to GasBuddy data. Regular gasoline prices also rise above $3 per gallon as gasoline futures approach two-year highs, indicating markets expect wholesale fuel prices to continue climbing.
Thu, Mar 5, 2026
Major
Former Energy Secretary Warns Oil Could Top $100
Former US Energy Secretary Ernest Moniz warns that oil could exceed $100 per barrel if tanker traffic through the Strait of Hormuz remains restricted over the coming weeks. The warning comes as European gas resumes its scorching rally and uncertainty around the war continues to rattle global energy markets.
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