Oil shortages escalate from wars in Iran and Ukraine, with few signs of relief

Cooking gas and diesel fuel are among the oil products whose supply levels have been affected already. Here’s why to expect long-term shortages.

By: Amy Myers Jaffe, New York University; Tufts University, The Conversation

Outlets: The Conversation

Published: August 4, 2026

Words: 1,495

Last Updated: 2 weeks ago

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By Amy Myers Jaffe, New York University; Tufts University

The global energy crisis triggered by two wars is set to worsen, as Ukraine pummels Russia’s refining industry and Iranian attacks continue on Middle Eastern oil production and refining. Further, the nature of the destruction and the growing number of fronts and warring parties involved may herald a new era of extended vulnerability for countries that depend on imports for their energy.

Throughout most of …

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