Crude oil surged 35% since the start of the conflict in Iran, pushing prices above $90 a barrel for the first time since 2023 as the Strait of Hormuz — the corridor for roughly 20% of global oil shipments — remained shut for days.

The Middle East crisis is now splitting global stock markets into two camps: energy exporters and energy importers.

CountryETFTracker launched its Iran War Market Monitor to help investors track exactly which countries benefit from higher oil prices — and which ones suffer.

How The Market Monitor Work

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The tool ranks countries by their energy trade balance as a percentage of GDP. This metric reveals structural winners and losers during oil shocks.

Energy exporters typically see their currencies strengthen and equity markets rally when oil prices spike. Energy importers face rising import costs, inflation pressure, and market underperformance.

The Market Monitor provides three key features:

• Interactive global map showing energy exposure by country
• Live oil price tracking since February 27, 2026
• Country ETF performance data updated daily

Oil Price Impact Analysi

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Track crude oil prices since the Iran conflict began to understand the energy shock's magnitude:

Interactive Global Energy Exposure Ma

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The Market Monitor features an interactive global map showing energy trade balance as percentage of GDP for countries worldwide. This visualization instantly reveals which countries benefit from oil shocks and which are vulnerable.

Countries appear color-coded based on their energy trade balance:

• Dark green: Major energy exporters (+15% or higher)
• Light green: Moderate exporters (+3% to +15%)
• Yellow: Balanced (0% to +3%)
• Orange: Light importers (-1% to 0%)
• Red: Major importers (-3% or lower)

Click on any country to see its exact energy trade balance and corresponding ETF ticker.

Why Oil Price Surges Create Economic Winners and Loser

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When oil prices surge, the impact on national economies can be dramatic.

Energy-exporting countries benefit from stronger trade balances, higher fiscal revenues and currency appreciation.

Import-dependent economies face the opposite: rising import costs, inflationary pressure and deteriorating growth prospects.

This divergence flows directly into equity markets — and into the performance of country ETFs.

Countries That Benefit From High Oil Price

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Energy exporters with large positive trade balances benefit when oil prices surge. These countries experience stronger currencies, improved fiscal balances, and rising equity markets during energy crises.

Countries Most Vulnerable To Rising Energy Price

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Energy-importing countries struggle when oil prices rise because energy imports become more expensive. Higher energy costs lead to weaker trade balances, rising inflation, and underperforming equity markets.

Country ETF Performance Since Iran War Starte

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The Market Monitor tracks how country ETFs have performed since February 27, 2026. The data shows clear divergence between energy exporters and importers.

Compare how the most vulnerable importers (South Korea ETF EWY and Thailand ETF THD) perform against energy exporters (Saudi Arabia ETF KSA and Norway ETF ENOR) since the crisis began:

Performance vs Energy Trade Balance Analysi

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Visualize the relationship between each country's energy trade balance and ETF performance since the Iran war began. This scatter chart reveals which markets are winning or losing based on their structural energy exposure:

Key Takeaway

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The Iran war energy crisis is creating a clear bifurcation in global equity markets:

• Energy exporters like Norway (ENOR), Saudi Arabia (KSA), and Qatar benefit from higher oil revenues
• Energy importers like South Korea (EWY), Thailand (THD), and India (INDA) suffer from rising energy costs and inflation
• Energy trade balance as % of GDP is the key metric to understand which countries will win or lose during energy shocks

Use the Iran War Market Monitor to track real-time data and adjust your country ETF allocation accordingly.