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Oil Prices Surge Amid US-Iran Tensions: Global Impact

3/14/2026

35 3 Full Breakdown

Summary

Story summary

The conflict between the United States, Israel, and Iran has disrupted oil supply, especially via the Strait of Hormuz.
Brent crude rose to $120 per barrel and petrol prices rose in at least 95 countries, including a 20% rise in the US.
The UK Competition and Markets Authority monitors fuel retailers for profiteering.
Analysts warn prolonged high oil prices could cause stagflation or recession, with higher inflation and reduced consumer spending.

History

Historical Context

The 1973 oil crisis began when OAPEC imposed an embargo on nations supporting Israel during the Yom Kippur War, leading to a 400% increase in oil prices, from $3 to $12 per barrel by January 1974. This disruption caused inflation rates in the U.S. to exceed 10%, reshaping global economic dynamics and echoing today's tensions involving the U.S., Israel, and Iran, as Brent crude prices surge to $120 per barrel.

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Story summary

The conflict between the United States, Israel, and Iran has disrupted oil supply, especially via the Strait of Hormuz.
Brent crude rose to $120 per barrel and petrol prices rose in at least 95 countries, including a 20% rise in the US.
The UK Competition and Markets Authority monitors fuel retailers for profiteering.
Analysts warn prolonged high oil prices could cause stagflation or recession, with higher inflation and reduced consumer spending.

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