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Gasoline above $3, Brent $96-100 as war pressures markets

4/23/2026

49 9 Full Breakdown

Summary

Story summary

Analysts, including Moody’s chief economist Mark Zandi, warn gasoline, now under $4 per gallon, will stay above $3 for months, with a year-end average near $3.50.
The U.S.-Israel war with Iran, begun Feb. 28, has kept Hormuz closed, pushing Brent to $96-$100 per barrel.
Stations earn only 30-35 cents per gallon as higher crude costs compress margins, and draw only short-term emergency crude from the Strategic Petroleum Reserve.

History

Historical Context

The 1973 Oil Crisis began when OAPEC imposed an embargo on nations supporting Israel during the Yom Kippur War, causing oil prices to quadruple from $3 to nearly $12 per barrel. This crisis reshaped global energy dynamics and economic stability, leading to inflation and recession. Today, similar tensions in the U.S.-Israel-Iran conflict have pushed Brent crude prices to around $96-$100 per barrel, highlighting ongoing vulnerabilities.

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Story summary

Analysts, including Moody’s chief economist Mark Zandi, warn gasoline, now under $4 per gallon, will stay above $3 for months, with a year-end average near $3.50.
The U.S.-Israel war with Iran, begun Feb. 28, has kept Hormuz closed, pushing Brent to $96-$100 per barrel.
Stations earn only 30-35 cents per gallon as higher crude costs compress margins, and draw only short-term emergency crude from the Strategic Petroleum Reserve.

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