Story perspectives

Operation Epic Fury: Oil Prices Surge Amid Iran Conflict

3/15/2026

Center

U.S. and Israel Strike

On February 28, 2026, the United States and Israel launched Operation Epic Fury against Iran, starting a new phase.
Oil prices surged as fighting intensified, with U.S. gas rising from $2.90 to $3.61 per gallon.
The Strait of Hormuz remains heavily affected, and Iran threatens to block exports, raising global oil-supply concerns.
More than 2,000 people have died, mostly in Iran, and diplomacy has yielded no near-term ceasefire.

Right

Russia's Cautious Diplomacy

In March 2026, after the U.S.-Israeli campaign against Iran, Russia's response remained restrained, limited to diplomatic calls.
Analysts say the Russia–Iran partnership remains transactional and driven by convenience rather than a true alliance.
Russia's military cooperation with Iran has deepened since the Ukraine war, with Iran supplying drones used against Ukraine.
Experts warn that Russia's intelligence sharing with Iran poses a significant threat to U.S. interests in the region.

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U.S. and Israel Strike

On February 28, 2026, the United States and Israel launched Operation Epic Fury against Iran, starting a new phase.
Oil prices surged as fighting intensified, with U.S. gas rising from $2.90 to $3.61 per gallon.
The Strait of Hormuz remains heavily affected, and Iran threatens to block exports, raising global oil-supply concerns.
More than 2,000 people have died, mostly in Iran, and diplomacy has yielded no near-term ceasefire.

1 / 2