Oil Market Impacts from Iran | March 2, 2026| Goldman Sachs

Following the military campaign by the U.S. and Israel resulting in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, global energy markets are facing heightened volatility. This summary outlines the strategic implications for supply, pricing, and the broader economy.

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Immediate Disruptions & Infrastructure Impact

The conflict has moved beyond regional tension into a "tail risk" scenario involving critical infrastructure in the Gulf Cooperation Council (GCC) countries.

• The Strait of Hormuz: Accounts for 1/5 (20%) of global oil supply. While not officially closed, flows are down sharply as shippers and insurers adopt a "wait-and-see" mode 00:01:14.