Story perspectives

Strait of Hormuz Closure Sparks Oil Price Surge

3/13/2026

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Summary

Story summary

The United States and Iran conflict has closed the Strait of Hormuz since February 28, disrupting oil supplies.
Oil prices rose from under $70 to $120 per barrel, lifting gasoline costs.
The International Energy Agency announced release of 400 million barrels from reserves to stabilize prices.
Officials say the move may only partially address supply gap.
Economists warn disruptions could trigger food shortages and economic instability in Europe and Asia.

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Story summary

The United States and Iran conflict has closed the Strait of Hormuz since February 28, disrupting oil supplies.
Oil prices rose from under $70 to $120 per barrel, lifting gasoline costs.
The International Energy Agency announced release of 400 million barrels from reserves to stabilize prices.
Officials say the move may only partially address supply gap.
Economists warn disruptions could trigger food shortages and economic instability in Europe and Asia.