Iran strikes energy infrastructure including oil fields across the Gulf making the GCC economically unviable
Iran
Saudi Arabia, UAE, Qatar, Kuwait
Months–years
Happened
Mar 12, 2026
n/a
Reuters reported that Iran escalated attacks on oil and transport infrastructure across the Middle East, while TotalEnergies confirmed UAE offshore production outages caused by the war.
Global economic crisis from Strait of Hormuz closure
Iran closes the Strait of Hormuz cutting 20% of world oil supply; Japan loses 75% of oil imports and faces economic collapse within 8-9 months; China loses 40%, India 60%
Iran
Global economy
Immediate–months
Happened
Mar 12, 2026
n/a
The IEA said the Strait of Hormuz disruption had already caused the largest oil supply disruption in history, with major oil flows cut by about 8 million barrels per day.