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Oil Prices Surge to $119 Amid Iran Conflict

3/31/2026

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Oil Prices Surge

Surging oil prices driven by the ongoing conflict with Iran are impacting the global economy, with Brent crude peaking at $119 a barrel.
The Strait of Hormuz, a critical oil transit route, has drastically reduced vessel traffic, exacerbating supply issues and contributing to higher prices.
In the United States, average gasoline prices have risen to $3.99 per gallon, costing consumers about $10 billion more than pre-war levels, as experts predict inflation could rise to 3%.

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Chalmers Cuts Fuel

Australia’s Treasurer Jim Chalmers announced a temporary halving of the fuel excise, reducing the cost of a 65-litre tank by about $19.
The government also cut the heavy vehicle road user charge to zero for three months, benefiting trucking operators.
Economists warn the measures could increase fuel consumption and potentially lead to another interest rate hike.
The government expects the measures to cost about $2.55 billion.
The federal budget is due in six weeks.

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Oil Prices Surge

Surging oil prices driven by the ongoing conflict with Iran are impacting the global economy, with Brent crude peaking at $119 a barrel.
The Strait of Hormuz, a critical oil transit route, has drastically reduced vessel traffic, exacerbating supply issues and contributing to higher prices.
In the United States, average gasoline prices have risen to $3.99 per gallon, costing consumers about $10 billion more than pre-war levels, as experts predict inflation could rise to 3%.

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