Iran attacks on Gulf oil and gas sites trigger energy fears in Oil & Companies News 05/03/2026 Iranian attacks on regional refineries and gas facilities, and oil tankers are increasing global energy supply fears, risking major economic fallouts from Asia to Europe, and leaving consumers bracing for higher prices. The war in the Middle East has left global investors grappling with the impact of a drawn-out regional conflict on global energy supplies and its potential to stoke inflation around the world. Global stock markets have been sinking and oil and gas prices have soared since Monday, the first day of trading after US and Israeli attacks on Iran on Saturday (February 28) and Iran’s response, which involved targeting major oil and gas infrastructure in the region. Brent crude continued its rise on Wednesday, after breaching $80 (€69) a barrel the day before. Gas prices have also soared in Asia and Europe. Much of the investor attention continues to be on the Strait of Hormuz, a key chokepoint accounting for around 20% of global oil supply and large quantities of gas. An official from Iran’s Revolutionary Guards ⁠said ​the waterway is closed and that Iran “will set fire to any ship attempting to pass through the strait.” However, Bloomberg reported that China was pushing Iran to keep the strait open to tanker traffic. China, the world’s largest oil and gas importer, is among the most exposed countries, as the strait is the source of half of China’s oil imports. US President Donald Trump announced a plan on Tuesday to insure and escort oil tankers and other vessels through the strait. The move failed to calm investors because it lacked details, and experts said the plan could take time to implement. “This is welcome news, but clearly it won’t happen overnight. Naval escorts would be helpful, but again, this effort will take time,” ING analysts said in a note. “Naval escorts will be sitting ducks to Iranian attacks. So, the US may choose to wait before escorting vessels until it gauges that Iran’s ability to attack has been degraded.” Insurance companies cancel war risk coverage for ships While the Strait of Hormuz remains technically open, tanker traffic through it has effectively come to a standstill as oil shippers and traders have suspended energy shipments through the waterway due to safety concerns and prohibitive insurance costs amid Iranian attacks on oil tankers in the region. Marine insurers are canceling war risk coverage for vessels in the Middle East Gulf, and oil shipping rates have been surging. Companies including Gard, Skuld, NorthStandard, the London P&I Club and the American Club said their cancellations would take effect from March 5. This means that shipping firms will have to find new insurance cover at higher rates. More than ​150 vessels, including oil and LNG tankers, have anchored in the Strait of Hormuz and surrounding waters, severely constraining global oil and gas supply. Iranian attacks on Gulf oil and gas facilities Iranian strikes on key energy facilities in the region are also adding to supply worries. Saudi Arabia’s Aramco shut its biggest domestic oil refinery on Monday after it was targeted by Iranian drones. Qatar’s state-run energy firm QatarEnergy, one of the world’s top natural gas producers, halted LNG output following Iranian attacks on facilities at two of its main gas processing bases. A fire broke out in an oil industrial facility in the United Arab Emirates’ Fujairah on Tuesday, as forces i