The ongoing United States-Israel-Iran war which started on February 28, 2026 has been described in its impact on global supply of oil and gas as “unprecedented in its immediate scope.” The International Energy Agency’s early assessment of the current crisis has established that its impact is greater than the combined effect of the 1973 Arab oil embargo and the 1979 Iranian Revolution, which reveals the speed and scope of the impact, even more so that the end of the conflict is not in sight.