Strait of Hormuz Crisis and the Global Energy Bill of the War
The attacks launched by the US and Israel against Iran and the Strait of Hormuz crisis have pushed global energy costs to $500 billion while increasing Turkey's bill.
As the attacks launched by the US and Israel against Iran on February 28 and the Strait of Hormuz crisis approach their 200th day, the additional global energy cost has reached $500 billion, and Turkey's total energy import bill for 2026 has risen to $97.9 billion.
Strait of Hormuz Crisis and Pipelines
As the Strait of Hormuz crisis, which began following the joint attacks on Iran, prepares to enter its 200th day, the bombing of pipelines in the region and the targeting of tankers have shaken the markets.
Rise in Global Oil Prices
Following Saudi Arabia's closure of the East-West oil pipeline, Brent crude rose by 2.8 percent to $107.56, and it was stated that 4 percent of global supply is at risk.
US Cost During the Crisis Process
The US, which has been most affected by the Hormuz-induced crisis, had to pay an additional energy bill of $105 billion during this 200-day period, and the daily cost reached $720 million.
Turkey's Energy Import Bill
Taking into account the increase in the barrel price of Brent crude due to the impact of the war and other energy costs, Turkey's total energy import bill for 2026 has risen to $97.9 billion.
Effects on Inflation and Current Account Deficit
According to calculations, every $10 increase in oil causes inflation in Turkey to rise by 1 percent and the annual current account deficit to increase by approximately $2.6 billion.