A spike in crude oil prices and tweaks to ships’ regular routes are some of the key indicators of uncertainty enveloping energy and shipping markets in the wake of Israel’s attack on Iran, as both countries turn off their giant offshore hydrocarbon production taps for safety reasons. An escalation of this conflict across the Middle East could make it difficult and perilous for any supplies from the region to be sent to the rest of the world, especially if Iran shuts down the Strait of Hormuz, potentially summoning another redrawing of the global oil and gas map, reminiscent of the one Russia prompted with the Ukraine crisis.

The U.S.-Iran nuclear talks reportedly hit a stalemate as a cauldron of tensions in the Middle East continued to brew, reaching a boiling point when Israel, which has been actively developing its side of the East Mediterranean gas story, opted to rekindle the flames of its years-long conflict with Iran by carrying out air strikes against the other country on June 13, 2025. The attack is spurring fears of a nuclear radiation disaster, as the key targets of the strike include the latter’s nuclear program and scientists, ballistic missile sites, energy infrastructure, and military leaders.