Oil supply squeeze drives up energy bills

ISTANBUL

Disruptions to oil supplies through the Strait of Hormuz are raising energy costs worldwide as the war with Iran reaches its 200th day on Sept. 15, putting pressure on importers.

Brent crude rose about 2.8 percent to above $107 a barrel on Sept. 14 as attacks on shipping and the shutdown of Saudi Arabia’s East-West pipeline increased concerns over supplies.

The pipeline, closed following a drone attack, carries crude to export terminals on the Red Sea, bypassing Hormuz. A prolonged outage could threaten up to 4 percent of global oil supplies.

Before the war, Hormuz was a major route for both oil and gas shipments. In 2024, it carried roughly one-fifth of global oil consumption and a similar share of international liquefied natural gas trade, according to the U.S. Energy Information Administration.

Brown University’s Climate Solutions Lab estimates that American consumers had incurred more than $100 billion in additional gasoline and diesel costs by Sept. 7.

Its calculations compare actual retail prices with an estimate of what consumers would have paid without the war. The additional spending averaged more than $750 per U.S. household.

Türkiye also remains exposed to higher prices through its dependence on imported fuels. The International Energy Agency identified that reliance and vulnerability to global price fluctuations as continuing challenges in its 2026 review of the country’s energy sector.