The Iran war has moved from a geopolitical event to an industrial market shock. In a matter of days, it disrupted oil, gas, fertilizer and petrochemical flows, then pushed the consequences deep into agriculture, manufacturing and global trade. For decision makers, the key issue is no longer whether prices moved. It is how fast the shock cascaded through supply chains, which products were hit first, and how long the disruption may last.

India has successfully shipped its first fuel cargo to Europe since the European Union's ban on petroleum products derived from Russian crude took effect on January 21, 2026. Reliance Industries, India's largest refiner, partially offloaded a jet fuel shipment at Italy's Fiumicino port, signaling potential continuity in trade flows despite heightened sanctions. This development comes as global markets watch closely for disruptions in refined product supplies.