Black Gold in the Crossfire: How the U.S.-Iran War Is Sending Oil Prices Through the Roof ■
The U.S.-Israel war on Iran, which began on February 28, 2026, has sent crude oil prices surging by roughly 50%, crossing the psychologically critical $100-per-barrel mark for the first time since 2022. Iran's actions have disrupted nearly a fifth of global crude oil and natural gas supply, as Iran controls the northern side of the Strait of Hormuz, through which about 20 million barrels of oil flow daily. U.S. gasoline prices climbed to $3.41 per gallon, up roughly 43 cents from just a week prior. Iran's Revolutionary Guard has threatened oil could soar to $200 a barrel if the conflict continues.