Oil prices surpassed $100 per barrel in early 2026. By contrast, before the onset of the conflict, the prices more consistently hovered around $67 to $71 per barrel.
Eight countries—Iran, Iraq, Kuwait, Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, and Oman—depend on the Strait of Hormuz for the bulk of their hydrocarbon exports, but the closure has led to energy shortages and conservation efforts in farther removed countries as well, including Australia, Bangladesh, and South Korea.
Fatih Birol, executive director of the International Energy Agency, called the crisis “the greatest energy security challenge in history.”
1 million: Lebanese people displaced by the Israel-Hezbollah conflict
The United Nations Office for the Coordination of Humanitarian Affairs said that over a million Lebanese people have been displaced since the start of the U.S.-Iran War. It also estimated that close to 1 in 4 people in Lebanon are set to face “crisis and emergency levels of food insecurity.”
