Qeshm island and Hormuz hit, as mediators try to prevent US-Iran escalation
The Gulf carries about a fifth of the world's oil. Any threat to those flows means less supply, which pushes oil up.
Effect: right now
What moved Brent oil on Saturday 7 November 2026
Iran executes man convicted of attack on police station
Fighting in the Gulf puts oil supply at risk, so traders pay more for oil now.
Effect: right now
Trump confirms US strikes in Iran, insists ‘it’s not a war’
Fighting in the Gulf puts oil supply at risk, so traders pay more for oil now.
Effect: right now