TSX:2349 2 February 2026

March 15, 2026, 9:48 AM EDT. Global oil markets brace for turmoil following a US strike on Iran's key export hub, Kharg Island, escalating risks to Middle East supply routes. The attack threatens to disrupt flows through the critical Strait of Hormuz, a narrow waterway vital for global energy transportation, which has largely stopped amid the conflict. Brent crude surged 11% last week, hitting as high as $119.50 a barrel before retreating. Iran vowed retaliation targeting US-linked energy sites, while the UAE's Fujairah hub faced drone strikes, interrupting exports. The International Energy Agency reported unprecedented supply disruptions, prompting members to release 400 million barrels from reserves to ease prices. Market analysts predict nervous trading, with crude potentially opening above $117, reflecting heightened geopolitical risk and supply concerns.