Timeline
March 9, 2026 — March 15, 2026
World
Timeline: How the Iran War Crisis Sent Oil Prices Soaring Over 6 Days
In March 2026, a military conflict involving the United States, Israel, and Iran rapidly escalated, triggering a global energy crisis. This timeline tracks how the succession of a new Iranian supreme leader, attacks on energy infrastructure, and market reactions created one of the most severe oil price shocks in years, with prices jumping over 40% as the Strait of Hormuz effectively closed.
14 events · 6 days · 30 source articles
Fri, Feb 27, 2026
Minor
Baseline Oil Prices Before Conflict Escalation
Brent crude oil was trading at $72.48 per barrel before the major escalation of U.S. and Israeli attacks on Iran. This baseline price would soon be drastically altered by the conflict that erupted in early March.
Sun, Mar 8, 2026
Major
U.S.-Israeli Strikes Hit Tehran Oil Storage Facilities
Late Saturday evening, U.S. and Israeli forces struck oil storage facilities in Tehran, sending thick plumes of smoke rising from the capital. This attack marked more than a week of heavy bombardment against Iranian targets and set the stage for Iran's retaliation.
Mon, Mar 9, 2026
Major
Iran Names Ayatollah Mojtaba Khamenei as New Supreme Leader
Iranian state television announced that Ayatollah Mojtaba Khamenei, the 56-year-old son of the late supreme leader, had been chosen by the Assembly of Experts to succeed his father. The hard-line cleric with close ties to the Revolutionary Guard would now control Iran's armed forces and nuclear program decisions, marking a defiant response to U.S. threats.
Mon, Mar 9, 2026
Moderate
Putin Congratulates New Iranian Leader, Pledges Russian Support
Russian President Vladimir Putin sent a telegram to Mojtaba Khamenei congratulating him on becoming Iran's new leader. The message, published on the Kremlin's website, reaffirmed Moscow's 'unwavering support for Tehran' as the conflict intensified.
Mon, Mar 9, 2026
Major
Iran Launches Major Missile Attacks on Israel and Gulf States
On his first day in power, Mojtaba Khamenei oversaw a new barrage of Iranian attacks targeting Israel and Gulf energy infrastructure. Iran struck a desalination plant in Bahrain vital to drinking water supplies and set Bahrain's refinery complex ablaze. These attacks on civilian and energy targets escalated the regional crisis significantly.
Mon, Mar 9, 2026
Moderate
Bahrain Declares Force Majeure on Oil Shipments
Following Iranian attacks that set its refinery complex ablaze, Bahrain's national oil company declared force majeure for its shipments. This legal declaration released the company from contractual obligations it could no longer fulfill due to the attacks.
Mon, Mar 9, 2026
Major
Oil Prices Spike to Nearly $120 Per Barrel
Brent crude surged to $119.50 per barrel and West Texas Intermediate reached $119.48 per barrel in early trading as markets reacted to the escalating conflict and threats to Middle East production and shipping. The Strait of Hormuz was effectively closed, and multiple Gulf states began shutting down oil and gas production facilities.
Mon, Mar 9, 2026
Moderate
Asian Markets Plunge on Energy Crisis Fears
Tokyo's Nikkei 225 index plunged as much as 7% in early Monday trading, while other Asian markets also tumbled. Investors worried that higher energy costs would fuel inflation and reduce consumer spending in the U.S., the main engine of the global economy.
Mon, Mar 9, 2026
Major
French President Macron Hints at Strategic Reserve Release
French President Emmanuel Macron stated that the Group of Seven nations could dip into their emergency oil stockpiles in response to soaring prices. This announcement helped ease prices from their morning peaks, with Brent crude falling back toward $106 per barrel and WTI near $103.
Mon, Mar 9, 2026
Moderate
Saudi Arabia Warns Iran of Consequences
Saudi Arabia sharpened its warnings to Iran, telling Tehran it would be the 'biggest loser' if it continued its attacks. The Kingdom was among Gulf states that had shut down oil wells due to the virtual closure of the Strait of Hormuz and potential missile attacks.
Mon, Mar 9, 2026
Moderate
G7 Decides Against Immediate Use of Strategic Oil Reserves
After a meeting of G7 finance ministers, French Finance Minister Roland Lescure announced the group was not ready to tap strategic reserves yet. 'We're not there yet,' he said, though they remained prepared to take coordinated steps including strategic stockpiling to stabilize markets.
Mon, Mar 9, 2026
Moderate
Oil Prices Settle Above $100 After Volatile Trading Day
After spiking near $120 and then retreating, Brent crude settled above $101 per barrel, up 9% for the day, while WTI crude settled near $100. U.S. gasoline prices rose to $3.48 per gallon, up nearly 50 cents from a week earlier.
Sat, Mar 14, 2026
Moderate
Nigeria's Energy Crisis Deepens as War Impact Spreads
The Iran war exacerbated Nigeria's pre-existing energy crisis, with petrol prices surging multiple times. The Dangote Refinery increased petrol costs to N1,075, representing a cumulative 47% increase over six weeks. The war's impact on global oil markets was affecting consumers and businesses worldwide.
Sun, Mar 15, 2026
Major
Oil Prices Jump Over 40% Since War Began Despite Historic Reserve Release
Brent crude reached $103.14 per barrel, approximately 42% higher than the $72.48 recorded on February 27. Even the International Energy Agency's historic release of 400 million barrels from strategic reserves—the largest such move in its history—could not halt the price surge. Over the past week alone, oil prices increased by about 11%.
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