Iran war triggers global race to build oil reserves
War with Iran has triggered a global race to stockpile crude oil, driving up prices and straining supply chains as nations rush to fill strategic reserves amid fears of Middle East disruptions.
Background
- **Iran war context**: The article is set in a hypothetical 2026 scenario where a military conflict involving Iran has erupted. Iran sits on the Strait of Hormuz, a narrow waterway through which about 20% of the world's oil passes. Any war there threatens to choke off this chokepoint, sending oil prices soaring.