The Iran-Israel conflict escalated on March 24, 2026, after Iran’s parliament speaker denied de-escalation talks. Israeli and U.S. strikes targeted gas facilities and pipelines in Isfahan and Khorramshahr. Iran responded by launching a missile wave that impacted Tel Aviv.
Brent crude futures rebounded above $103 per barrel. This movement represents a daily price increase of more than 3.6%. Iran also began charging informal transit fees of up to $2 million for commercial vessels in the Strait of Hormuz. These infrastructure attacks and maritime tolls have increased volatility in global energy markets.