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War with Iran Drives Oil Prices Near $100

3/11/2026

45 8 Full Breakdown

Summary

Story summary

The ongoing war with Iran is driving up global oil and fertilizer prices.
Crude oil prices rose from $67 to nearly $100, lifting U.S. gas prices to $3.54 per gallon.
The conflict disrupted the Strait of Hormuz, a shipping route for about 20% of global oil.
U.S. President Donald J. Trump faces political pressure as voters express dissatisfaction with rising costs ahead of midterm elections.

History

Historical Context

The Iran-Iraq War began on September 22, 1980, when Iraq invaded Iran, aiming to seize the oil-rich Khuzestan province amid Iran's post-revolution turmoil. The conflict, which lasted until 1988, caused oil prices to surge, impacting global markets. Today, renewed tensions with Iran threaten the Strait of Hormuz, crucial for 20% of global oil, driving prices up from $67 to nearly $100.

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Story summary

The ongoing war with Iran is driving up global oil and fertilizer prices.
Crude oil prices rose from $67 to nearly $100, lifting U.S. gas prices to $3.54 per gallon.
The conflict disrupted the Strait of Hormuz, a shipping route for about 20% of global oil.
U.S. President Donald J. Trump faces political pressure as voters express dissatisfaction with rising costs ahead of midterm elections.

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