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Oil Prices Surge Past $100 Amid Iran Conflict

3/13/2026

41 7 Full Breakdown

Summary

Story summary

The ongoing conflict with Iran has pushed oil prices above $100 per barrel.
Gas prices rose to a national average of $3.58 per gallon, up from $2.94 before the February 28 strikes.
Larry Fink, BlackRock Chief Executive Officer, downplayed the long-term economic impact and said oil prices could fall post-conflict.
Senator Ted Cruz says the military engagement will not be prolonged.
The oil-price spike is temporary.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, causing oil prices to surge from $3 to nearly $12 per barrel. This event marked a significant shift in global energy dynamics, leading to economic turmoil and influencing energy policies worldwide, a trend echoed by recent price spikes amid tensions with Iran.

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Story summary

The ongoing conflict with Iran has pushed oil prices above $100 per barrel.
Gas prices rose to a national average of $3.58 per gallon, up from $2.94 before the February 28 strikes.
Larry Fink, BlackRock Chief Executive Officer, downplayed the long-term economic impact and said oil prices could fall post-conflict.
Senator Ted Cruz says the military engagement will not be prolonged.
The oil-price spike is temporary.

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