{"id":31997,"date":"2026-03-23T09:35:16","date_gmt":"2026-03-23T13:35:16","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/?p=31997"},"modified":"2026-03-23T09:41:55","modified_gmt":"2026-03-23T13:41:55","slug":"energy-shock-eight-charts-that-explain-the-global-oil-and-gas-fallout","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-ca\/insights\/energy-shock-eight-charts-that-explain-the-global-oil-and-gas-fallout","title":{"rendered":"Energy Shock: Eight charts that explain the global oil and gas fallout"},"content":{"rendered":"\n<p><strong>By Shaz Merwat, RBC Thought Leadership<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-strait-of-hormuz-is-one-of-the-world-s-most-critical-trade-arteries-but-also-one-of-its-weakest-links-given-the-frequency-of-conflicts-in-the-middle-east\">The Strait of Hormuz is one of the world\u2019s most critical trade arteries\u2014but also one of its weakest links given the frequency of conflicts in the Middle East<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Alternative Middle East export routes have limited capacity of 3.5 to 5.5 million bpd.<\/li>\n\n\n\n<li>The 54-kilometre waterway handles 20 million barrels per day (bpd) or 20 percent of global oil supply. Only the Strait of Malacca, in Southeast Asia, handles more crude oil.<\/li>\n\n\n\n<li>Close to 93 percent of Qatar\u2019s LNG exports transit through the Strait\u201419 percent of global LNG trade.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-strait-of-hormuz-the-world-s-energy-highway\">Strait of Hormuz: The world&#8217;s energy highway<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-percentage-of-total-energy-products-passing-through-the-strait\">Percentage of total energy products passing through the Strait<\/h4>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"539\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/01_Hormuz_a3fed1.jpg\" alt=\"Percentage of total energy products passing through the Strait\" class=\"wp-image-32038\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/01_Hormuz_a3fed1.jpg 1024w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/01_Hormuz_a3fed1.jpg?resize=300,158 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/01_Hormuz_a3fed1.jpg?resize=768,404 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-energy-hungry-asian-countries-are-most-exposed-to-the-middle-east-crisis\">Energy hungry Asian countries are most exposed to the Middle East crisis<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Japan was the first country to announce the release of oil from its reserves as part of the International Energy Agency-coordinated action, injecting 80 million barrels in the market.<\/li>\n\n\n\n<li>The U.S. is allowing India to buy Russian oil as a stop-gap measure\u2014as New Delhi scrambles to find alternatives for some of the 2.5-2.7 million bpd it sources from Iraq, UAE, Saudi Arabia and Kuwait.<\/li>\n\n\n\n<li>The U.S. has exempted Russian oil from sanctions for at least 30 days\u2014weakening Western efforts to support Ukraine in its war against Russia.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-asian-markets-are-most-reliant-on-middle-east-oil-and-gas-supplies\">Asian markets are most reliant on Middle East oil and gas supplies<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-percentage-of-total-energy-products-passing-through-the-strait-0\">Percentage of total energy products passing through the Strait<\/h4>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"572\" width=\"1024\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/02_Asian-.jpg?w=1024\" alt=\"Percentage of total energy products passing through the Strait\" class=\"wp-image-32039\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/02_Asian-.jpg 2048w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/02_Asian-.jpg?resize=300,168 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/02_Asian-.jpg?resize=768,429 768w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/02_Asian-.jpg?resize=1024,572 1024w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/02_Asian-.jpg?resize=1536,858 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-crude-and-natural-gas-benchmarks-have-risen-as-the-u-s-israel-war-on-iran-spread-to-the-wider-region-even-impacting-north-american-commodity-indices\">Crude and natural gas benchmarks have risen as the U.S.-Israel war on Iran spread to the wider region\u2014even impacting North American commodity indices<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>LNG Japan\/Korea Marker (JKM) jumped the most, underscoring Asian dependence on the Strait.<\/li>\n\n\n\n<li>The crisis has erased a looming LNG supply glut, with Europe Asia scrambling for supplies.<\/li>\n\n\n\n<li>Oil prices remain volatile, vacillating between US$76-119 per barrel over the past week.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-oil-and-gas-benchmarks-jumped-as-the-middle-east-conflict-flared-up\">Oil and gas benchmarks jumped as the Middle East conflict flared up<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-selected-oil-and-gas-benchmark-changes-since-feb-27\">Selected oil and gas benchmark changes since Feb. 27<\/h4>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"567\" width=\"1024\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/03_Benchmarks_f02beb.jpg?w=1024\" alt=\"Selected oil and gas benchmark changes since Feb. 27\" class=\"wp-image-32041\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/03_Benchmarks_f02beb.jpg 2048w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/03_Benchmarks_f02beb.jpg?resize=300,166 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/03_Benchmarks_f02beb.jpg?resize=768,425 768w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/03_Benchmarks_f02beb.jpg?resize=1024,567 1024w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/03_Benchmarks_f02beb.jpg?resize=1536,851 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-investors-are-actively-reallocating-capital-to-economies-less-exposed-to-the-conflict-to-nations-with-greater-energy-security-such-as-north-american-markets\">Investors are actively reallocating capital to economies less exposed to the conflict, to nations with greater energy security\u2014such as North American markets<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The Korean and Japanese stock market sell-off is reflective of energy exposure but also above-average year-to-date performance pre-crisis.<\/li>\n\n\n\n<li>China\u2019s estimated 100-day oil import cover has shielded its stock market from a severe downturn.<\/li>\n\n\n\n<li>U.S. and Canada markets have been structural winners in the reallocation of global equities.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-most-equity-markets-sold-off-as-war-broke-out-but-some-are-showing-signs-of-resilience\">Most equity markets sold off as war broke out\u2014but some are showing signs of resilience<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-selected-equity-market-index-changes-since-feb-27\">Selected equity market index changes since Feb. 27<\/h4>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"531\" width=\"1024\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/04_EquityMkts.jpg?w=1024\" alt=\"Selected equity market index changes since Feb. 27\" class=\"wp-image-32043\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/04_EquityMkts.jpg 2048w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/04_EquityMkts.jpg?resize=300,155 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/04_EquityMkts.jpg?resize=768,398 768w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/04_EquityMkts.jpg?resize=1024,531 1024w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/04_EquityMkts.jpg?resize=1536,796 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-american-consumers-are-also-paying-the-price-of-a-conflict-thousands-of-miles-away\">American consumers are also paying the price of a conflict thousands of miles away<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>While North America\u2019s net exporter of crude oil, the global structure of oil markets has not spared the American economy.<\/li>\n\n\n\n<li>A recent Washington Post\/CNN poll shows about seven in 10 American voters are \u201cvery\u201d or \u201csomewhat\u201d concerned that the Iran war will send oil and gasoline prices higher.<\/li>\n\n\n\n<li>Higher gasoline prices would be a key datapoint for the U.S. administration as it plots it next move.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-u-s-israel-war-on-iran-immediately-hit-american-wallets-as-prices-at-the-pump-spikes\">The U.S.-Israel war on Iran immediately hit American wallets as prices at the pump spikes<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-average-gasoline-prices-per-gallon-us\">Average gasoline prices per gallon, US$<\/h4>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"590\" width=\"1024\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/05_GasolinePrices.jpg?w=1024\" alt=\"Average gasoline prices per gallon, US$\" class=\"wp-image-32044\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/05_GasolinePrices.jpg 2048w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/05_GasolinePrices.jpg?resize=300,173 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/05_GasolinePrices.jpg?resize=768,443 768w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/05_GasolinePrices.jpg?resize=1024,590 1024w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/05_GasolinePrices.jpg?resize=1536,885 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-central-banks-are-suddenly-contemplating-hikes-not-cuts-according-to-market-expectations\">Central banks are suddenly contemplating hikes\u2014not cuts, according to market expectations<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Across Canada, the U.S. and EU, the expectation was an easing of monetary policy as the year progressed\u2014but it has reversed on fears of higher inflation.<\/li>\n\n\n\n<li>A sustained US$80 oil could raise inflation from 2.2 percent to 2.5 percent in Canada, according to RBC Economics.<\/li>\n\n\n\n<li>Similarly, the U.S. would see an increase from 2.7 percent to 3.1 percent at US$80 per barrel.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-policy-rate-expectations-in-developed-economies-have-changed-dramatically-in-the-space-of-a-few-weeks\">Policy rate expectations in developed economies have changed dramatically in the space of a few weeks<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-implied-central-bank-dec-2026-policy-rate-across-the-select-g7-economies\">Implied central bank Dec. 2026 policy rate across the select G7 economies<\/h4>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"584\" width=\"1024\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/06_Rates_64eb21.jpg?w=1024\" alt=\"Implied central bank Dec. 2026 policy rate across the select G7 economies\" class=\"wp-image-32045\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/06_Rates_64eb21.jpg 2048w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/06_Rates_64eb21.jpg?resize=300,171 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/06_Rates_64eb21.jpg?resize=768,438 768w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/06_Rates_64eb21.jpg?resize=1024,584 1024w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/06_Rates_64eb21.jpg?resize=1536,875 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-canadian-energy-has-already-been-making-inroads-into-the-asian-market\">Canadian energy has already been making inroads into the Asian market<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>China has been Canada\u2019s biggest non-U.S. oil export destination\u2014which could grow further as relations with Beijing improve.<\/li>\n\n\n\n<li>South Korea has been the primary destination for Canadian LNG to date.<\/li>\n\n\n\n<li>Over the long term, Canada could likely serve a more meaningful role in de-risking Asian supply.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-canadian-oil-and-gas-are-expanding-their-export-base-but-remain-u-s-centric\">Canadian oil and gas are expanding their export base, but remain U.S. centric<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-breakdown-of-canadian-oil-left-and-gas-right-exports-by-country\">Breakdown of Canadian oil (left) and gas (right) exports by country<\/h4>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"354\" width=\"1024\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/07_Exports_b5b469.jpg?w=1024\" alt=\"Breakdown of Canadian oil (left) and gas (right) exports by country\" class=\"wp-image-32046\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/07_Exports_b5b469.jpg 2048w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/07_Exports_b5b469.jpg?resize=300,104 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/07_Exports_b5b469.jpg?resize=768,266 768w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/07_Exports_b5b469.jpg?resize=1024,354 1024w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/07_Exports_b5b469.jpg?resize=1536,531 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-brent-future-curve-suggests-oil-prices-will-remain-higher-for-longer\">Brent Future curve suggests oil prices will remain higher for longer<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Around eight million barrels per day of crude and 10 mbd of liquids production in the Middle East is reportedly shut in with the Strait of Hormuz at a virtual standstill, according to the International Energy Agency.<\/li>\n\n\n\n<li>Despite International Energy Agency members planning 400-million-barrel injection into markets, the price trajectory would likely depend on the U.S.\u2019s ability to ensure the security of the Strait of Hormuz.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-brent-crude-futures-us-price-per-barrel-pre-conflict-and-post-conflict\">Brent crude futures US$ price per barrel pre-conflict and post-conflict<\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"792\" height=\"436\" src=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/08_Brent-Future-curve.jpg\" alt=\"Brent crude futures US$ price per barrel pre-conflict and post-conflict\" class=\"wp-image-32047\" srcset=\"https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/08_Brent-Future-curve.jpg 792w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/08_Brent-Future-curve.jpg?resize=300,165 300w, https:\/\/www.rbcwealthmanagement.com\/en-ca\/wp-content\/uploads\/sites\/5\/2026\/03\/08_Brent-Future-curve.jpg?resize=768,423 768w\" sizes=\"auto, (max-width: 792px) 100vw, 792px\" \/><\/figure>\n\n\n\n<p><strong>Shaz Merwat is the Energy Policy Lead for RBC Thought Leadership.<\/strong><\/p>\n\n\n\n<p><em>This article was originally published on <\/em><a href=\"https:\/\/www.rbc.com\/en\/thought-leadership\/climate-action-institute\/energy-reports\/energy-shock-8-charts-that-explain-the-global-oil-and-gas-fallout\/\" target=\"_blank\" rel=\"noreferrer noopener\"><em>RBC Thought Leadership<\/em> <\/a><em>.<\/em><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil and gas markets are reeling as the Iran war chokes off production in the Middle East, with its impact reverberating across the world.<\/p>\n","protected":false},"author":22,"featured_media":32017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2026-03-16T09:24:25","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[73],"tags":[1004,998,999,1001],"rbcwm_content_owner":[],"rbcwm_need":[69],"rbcwm_segment":[75,66],"rbcwm_solution":[129,82],"rbcwm_topic":[74],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-31997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-gas","tag-iran-war","tag-middle-east","tag-oil","rbcwm_need-support","rbcwm_segment-business-owners-and-entrepreneurs","rbcwm_segment-individuals-and-families","rbcwm_solution-investments","rbcwm_solution-wealth-planning","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Oil and gas markets are reeling as the Iran war chokes off production in the Middle East, with its impact reverberating across the world.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[11937],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":true,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Energy Shock: Eight charts that explain the global oil and gas fallout<\/title>\n<meta name=\"description\" content=\"Oil and gas markets are reeling as the Iran war chokes off production in the Middle East, 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