Iran Crisis Sends Global Energy Markets into a Tailspin

Cars lined up before sunrise on Monday at gas stations across Attica, Greece, as news of the escalating war in Iran and disruptions at the Strait of Hormuz sent tremors through global energy markets.

By midmorning, several stations in the greater Athens area had run out of regular unleaded gasoline, despite there being no immediate price increases. The rush was fueled by fear, a familiar accelerant in times of geopolitical uncertainty, according to Maria Zaga, president of the Attica Gas Station Owners Association.

The psychology of the market has shifted, with drivers moving quickly to secure fuel, creating shortages that might otherwise not have materialized. Station owners who exhaust their supplies on Monday are unlikely to replenish them the same day, unless deliveries had already been scheduled.

At the center of the concern is the Strait of Hormuz, a strategic maritime passage through which a significant portion of the world's oil supply flows. Following the escalation of hostilities in Iran, hundreds of tankers have been immobilized, while others are being rerouted along longer, more expensive paths.

Ms. Zaga warned that it is too early to estimate the extent of potential increases, noting that additional transportation costs could eventually be passed on to consumers if the crisis drags on.