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Oil Prices Surge Past $100 Amid U.S.-Israel Conflict

3/13/2026

31 5 Full Breakdown

Summary

Story summary

Oil prices rose past $100 per barrel as the U.S.-Israel war with Iran continues.
Brent crude has risen more than 35% since the conflict began.
The closure of the Strait of Hormuz has exacerbated supply shortages.
The International Energy Agency (IEA) announced a historic release of 400 million barrels from emergency reserves.
Gas prices have risen by 58 cents per gallon and could reach $4 if the situation persists.

History

Historical Context

The 1973 oil crisis began when OAPEC imposed an embargo against nations supporting Israel during the Yom Kippur War, leading to a 400% increase in oil prices, from $3 to nearly $12 per barrel. This crisis triggered economic turmoil in the U.S. and Europe, reshaping energy policies and highlighting vulnerabilities in global supply chains, a concern echoed by today's rising oil prices amid geopolitical tensions.

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Story summary

Oil prices rose past $100 per barrel as the U.S.-Israel war with Iran continues.
Brent crude has risen more than 35% since the conflict began.
The closure of the Strait of Hormuz has exacerbated supply shortages.
The International Energy Agency (IEA) announced a historic release of 400 million barrels from emergency reserves.
Gas prices have risen by 58 cents per gallon and could reach $4 if the situation persists.

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