The Iranian regime is engaged in an existential conflict with the US and Israel. Long-standing red lines have been blown away by the 2026 conflict. Iran is targeting civilian and energy sector assets in its neighboring states after an airstrike killed Supreme Leader Ayatollah Ali Khamenei. How the conflict metastasizes is out of any single country’s control and will have profound consequences for the region as a whole.
| Crude Output | 1.99 | mn b/d |
| 2018 Crude Output | 3.58 | mn b/d |
| Gas Output (2019) | 244 | bcm |
6 Feb, 2026
Featured
Heightened US-Iran tensions and the significant American military buildup in the Gulf have revived market concerns over the security of oil and gas supplies from the Middle East. But as last year’s 12-day Israel-Iran conflict and subsequent US strikes on Iran’s nuclear facilities showed, the risk of Tehran blocking the Strait of Hormuz remains low unless it perceives an existential threat.
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