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Iran Conflict Halts Oil Supply, Prices Surge Over $100

3/13/2026

26 6 Full Breakdown

Summary

Story summary

The U.S.-Iran conflict has disrupted global oil supply, with prices rising above $100 per barrel.
The Strait of Hormuz is effectively closed due to Iranian attacks, threatening about 20% of world oil.
U.S. gas prices have risen to an average of $3.58 per gallon, up 20% since the conflict began.
The International Energy Agency (IEA) has released 400 million barrels from strategic reserves, but experts doubt its effectiveness without resolution.

History

Historical Context

The 1973 Oil Crisis began when OPEC imposed an oil embargo in response to Western support for Israel during the Yom Kippur War, leading to a quadrupling of oil prices. By March 1974, prices had surged from $3 to nearly $12 per barrel, causing severe economic repercussions in the U.S. and a shift towards energy independence that resonates in today's geopolitical tensions, particularly regarding the Strait of Hormuz.

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Story summary

The U.S.-Iran conflict has disrupted global oil supply, with prices rising above $100 per barrel.
The Strait of Hormuz is effectively closed due to Iranian attacks, threatening about 20% of world oil.
U.S. gas prices have risen to an average of $3.58 per gallon, up 20% since the conflict began.
The International Energy Agency (IEA) has released 400 million barrels from strategic reserves, but experts doubt its effectiveness without resolution.

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