Monday, April 6, 2026
The U.S.-Iran war has officially produced the worst energy shock in history. And as of this writing, it’s not getting any better.
The International Energy Agency confirmed 2026’s closure of the Strait of Hormuz has produced a larger supply disruption than the oil shocks of the 1970s. At least 44 energy assets across nine countries have been severely damaged.
Brent crude oil has traded between $100 and $114 per barrel recently. And those figures are now up more than 40% from pre-war levels. That data counters President Trump’s claims of productive conversations with Tehran and progress in battle.
Diesel hit $5.29 a gallon. That was just the second time in history it went above $5.
So, it’s clear global energy travels through Iran. That’s troubling since the country just cut all gas flows to Turkey after Israel struck South Pars, the world’s largest natural gas field.
Meanwhile, the clock Trump set before threatening to strike Iranian power plants expired. No strikes took place. Markets of all kinds fell.
So, we have a war that doesn’t seem to be going away any time soon. And we’ve got a key supply route for energy effectively nullified. If this continues, it can’t be good for markets.
Daniel A. White is an investment advisory representative of and provides advisory services through CoreCap Advisors, LLC. Daniel A. White & Associates and CoreCap Advisors are separate and unaffiliated entities.