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Inflation Steady at 2.4% Amid Soaring Oil Prices

3/12/2026

45 10 Full Breakdown

Summary

Story summary

U.S. inflation held steady at 2.4% in February.
The ongoing conflict with Iran has driven oil prices higher.
Oil prices could reach $150 per barrel if the Strait of Hormuz remains closed.
Gas prices have risen about 20% to around $3.58 per gallon.
Economists warn that rising energy costs could push inflation above 3% in coming months.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to Western support for Israel during the Yom Kippur War. Oil prices quadrupled from $3 to nearly $12 per barrel, triggering economic turmoil in the U.S. and Europe. This crisis highlighted global economies' vulnerability to energy supply disruptions, a lesson echoed in today's inflationary pressures.

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Story summary

U.S. inflation held steady at 2.4% in February.
The ongoing conflict with Iran has driven oil prices higher.
Oil prices could reach $150 per barrel if the Strait of Hormuz remains closed.
Gas prices have risen about 20% to around $3.58 per gallon.
Economists warn that rising energy costs could push inflation above 3% in coming months.

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