Oil and Iran-U.S. war: Key takeaways in graphics

As the Iran-U.S. war extended past its first week, Brent crude oil reached a two-year high of $114 per barrel on the Chicago mercantile exchange. How can oil production and exports be affected in the war? Here are graphics to explain.

With no signs of the Iran-U.S. war stopping, key oil prices have surged since the war began. U.S. The increase was evident across the board, with U.S. oil crude futures, West Texas Intermediate prices and Brent crude oil prices all climbing.

As of March 9, the price per barrel of Brent crude, the international standard, touched $114, which is 23% higher than its closing price of $92.69 on Friday (March 6, 2026).

The Iran-U.S. war has extended into Saudi Arabia, Qatar, UAE, Bahrain, Lebanon and Kuwait. Initially Iran focused on strikes against U.S. bases in the region and Israel, but retaliatory strikes from the U.S. and other countries have included civilian spaces like a primary school in Iran, diplomatic areas like Embassies, a data centre and now oil infrastructure in Tehran.

The region plays a significant role in global oil production and price dynamics.

Following the war, several state oil companies in the Gulf countries have cut down on production, or declared a pause in oil contracts.