The U.S.-Israel war on Iran has, unsurprisingly, destabilized global energy markets. Oil prices shot up by around 30% to $119 per barrel earlier this week, marking a four-year high that is starkly felt by Washington’s alliance network in Europe and parts of Asia. The spike in oil prices stems from supply shortages and logistics constraints that, even if the U.S. takes steps to guarantee partial traffic through the blockaded Hormuz Strait, will likely persist throughout the duration of the war.