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Home/News Feed/Oil prices surge over 40% as Iran war closes Strait of Hormuz, hitting global energy supply.
XLE
$56.13
-$0.82 -1.43%

Oil prices surge over 40% as Iran war closes Strait of Hormuz, hitting global energy supply.

Market News
25 Mar 2026
24/7 Wall Street
View Source
Bullish
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Since the Iran war began on February 28, 2026, oil prices have jumped from $57 to near $90, driven by Iran's closure of the Strait of Hormuz—a critical chokepoint for global oil trade. This closure has disrupted about one-fifth of global petroleum consumption and a quarter of seaborne oil trade, escalating fears of a prolonged supply shock. The Energy Select Sector SPDR Fund (XLE) has surged 33% year-to-date, reflecting investor confidence in sustained high oil prices. If the Strait remains closed, oil prices are likely to stay elevated, with exploration and production companies positioned to benefit both now and as a long-term solution to supply constraints.

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