War with Iran will impact oil prices much more than the 1980s crises

Published March 8, 2026 7:00am ET



The U.S.-Israeli war with Iran will have a much greater impact on oil prices than the last time Iran jeopardized global oil trade.

The current war bears many close similarities to the last time the U.S. Navy was sent to the Persian Gulf to combat Iran, during the 1980-1988 Iran-Iraq War.

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