New Delhi, March 1 -- Global energy markets face one of their gravest shocks in decades as joint U.S. and Israeli strikes on Iran and Tehran's retaliatory missile attacks across the Gulf disrupt oil exports from the world's most important producing region.

The scale of the disruption will likely be determined by the duration of the conflict, but for now the threat and the uncertainty are already enough to severely impact flows from the region that accounts for 20% of global oil supplies.

Barring a swift resolution, oil prices will likely see steep increases when trading opens on Monday morning. Benchmark Brent crude oil prices rose in recent weeks to around $70 a barrel, their highest since August 2025 as investors braced for military c...