The global oil market is facing increased strain, having largely exhausted measures that help control petroleum prices. Recent data highlights significant shifts that could impact energy costs.

An image captured on September 28 along Interstate 5 in Williams, California, shows advertised gas and diesel prices, indicative of rising energy expenses. Photo credit goes to Fred Greaves from Reuters.

The Conversation, a nonprofit news organization providing insights through scholarly analysis, outlines concerns from researchers Joshua Busby and Greg Pollock about impending energy cost hikes.

Traffic through the Strait of Hormuz, a critical oil transport route from the Middle East, remains at less than 15% of prewar levels. This disruption stems from ongoing conflict in Iran since February 2026. As a result, oil prices surged from $65 a barrel before the conflict to over $100 in mid-September.