The International Energy Agency said this week that the ongoing Iran war has triggered the most severe oil shock ever recorded. The U.S. Naval blockade of Iranian ports entered its third day as of April 15, adding pressure to already strained global energy markets. Why it matters: Federal contractors, government agencies, and Northern Virginia’s defense sector are watching this closely. An extended oil shock reshapes federal budget projections, defense contracts, and the cost of doing business across every sector. Treasury has touted recent tax refunds — but the rising oil price may erase that benefit for working families. What’s next:

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