Oil prices settled unchanged on Wednesday at the end of a volatile trading session, as escalating U.S. and ​Israeli strikes against Iran widened regional tensions and paralysed shipping through the Strait of Hormuz for a fifth day,

With conflict raging in the Middle East yet again, there's bound to be rippling effects across the world from trade to energy. Following U.S. air strikes over Iran, the latter has retaliated by closing down the Strait of Hormuz.

Cubans on Friday are facing a worsening crisis as U.S. efforts to block oil supplies take a toll. On Thursday, Cuban President Miguel Díaz-Canel warned of further hardships, leaving many anxious about the future.

And it’s only Day 3. U.S. President Donald Trump has said he intends for the bombardment of Iran to continue for the next four to five weeks. The world currently has an oversupply of oil and gas, but a prolonged conflict would reshape energy markets.

Brent tops $81 as Strait of Hormuz tensions choke supply routes; European gas prices spike over 20 per cent amid widening West Asia conflict

Fear but no panic on the streets. Marc Frank The Cuban government has drastically cut energy and fuel consumption and is downsizing and decentralizing most activity to the local level, where people can walk and use non-fossil-fuel-driven transportation,

LONDON, Feb 28 (Reuters) - Global energy markets face one of their gravest shocks in decades as joint U.S. and Israeli strikes on Iran and Tehran’s retaliatory missile attacks across the Gulf disrupt oil exports from the world’s most important producing region.

Iran’s Hormuz blockade has pushed oil prices up, prompting Trump to offer tanker insurance and possible US Navy escorts.