Story perspectives

Oil Prices Surge 9% Amid Middle East Conflict

3/14/2026

Summary

Story summary

The ongoing conflict in the Middle East has caused oil prices to rise over 9% to $100 per barrel, which President Donald Trump claims benefits the U.S. economy.
Lawmakers criticize this situation, arguing that only wealthy oil companies profit from higher prices.
Trump stated that rising prices are advantageous because the U.S. is the largest oil producer.
The administration is considering waiving the Jones Act to improve fuel transport.
Energy Secretary Chris Wright noted that while prices may not hit $200 per barrel, disruptions could continue.

History

Historical Context

The 1973 oil crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to U.S. support for Israel during the Yom Kippur War. This led to a quadrupling of oil prices, reaching nearly $12 per barrel, and caused significant economic disruptions in the U.S. and Europe, prompting long-term shifts in energy policy and consumption patterns.

1 of 2

Story summary

The ongoing conflict in the Middle East has caused oil prices to rise over 9% to $100 per barrel, which President Donald Trump claims benefits the U.S. economy.
Lawmakers criticize this situation, arguing that only wealthy oil companies profit from higher prices.
Trump stated that rising prices are advantageous because the U.S. is the largest oil producer.
The administration is considering waiving the Jones Act to improve fuel transport.
Energy Secretary Chris Wright noted that while prices may not hit $200 per barrel, disruptions could continue.

1 / 2