Oil prices are experiencing volatility as the conflict in Iran enters its second week. Iran's military warns of potential $200 per barrel oil prices, which could significantly impact U.S. gas prices, as the war disrupts oil production and shipping in the region.
Oil prices continue to fluctuate as the war in Iran enters its second week. A spokesperson for Iran's military command reportedly warned the world to "get ready" for oil to be $200 a barrel, which would mean an even greater spike in gas prices across the U.
S. Here’s what to know: "Get ready for oil to be $200 a barrel, because the oil price depends on regional security which you have destabilised," Ebrahim Zolfaqari, spokesperson for Iran's military command said in comments addressed to the United States, according to Reuters.RELATED: About 140 US troops injured in Iran so far, officials sayThe price for a barrel of Brent crude, the international standard, was just under $91 at time of publication, according to OilPrice.com. West Texas Intermediate, the light, sweet crude oil produced in the United States, was selling for just under $86 a barrel. Those prices were down from a recent peak of more than $100 per barrel, a first in more than three and a half years. The highest price shot up briefly to nearly $120 a barrel on Monday – about 65% higher than when the war started, according to The Associated Press. If oil reached $200 per barrel, gas prices would likely surge. Some analysts predict $200 oil would increase average gas prices in the U.S. to higher than $5 a gallon. As of publication, the national regular fuel price in America, according to AAA, was $3.57 per gallon. RELATED: Trump says 'excursion' in Iran will be 'short-term'The war in Iran, which began on Feb. 28 with U.S. and Israeli attacks, is hindering oil production and shipping in the region. The shipping disruption and damage to key Middle East oil and gas facilities has interrupted supplies from some of the world’s largest oil producers.Iran has also threatened to not allow "even a single liter of oil" for the U.S., Israel, or their allies to pass through the Strait of Hormuz, the narrow channel that leads to the Persian Gulf.Under normal circumstances, around 20% of the world’s oil and natural gas is shipped through there.On Wednesday, the International Energy Agency agreed to release the largest volume of emergency oil reserves in its history - 400 million barrels. IEA nations have released emergency stocks on five previous occasions: During the 1990-1991 Gulf War, after Hurricane Katrina in 2005, during the Libyan civil war in 2011, and twice after the Russian invasion of Ukraine.Countries around the world hold vast quantities of oil that they can use in the event of a crisis, including the U.S., which holds a massive emergency supply — known as the Strategic Petroleum Reserve — in underground salt caverns in Texas and Louisiana.Over the weekend, President Donald Trump downplayed the idea of turning to the Strategic Petroleum Reserve, saying supplies were ample and prices would soon fall.
Oil Prices Iran War Gas Prices Middle East Energy
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices, Iran, DHS funding and more: full interview with Sen. Lisa MurkowskiOne-on-one interview with Sen. Lisa Murkowski on March 6, 2026.
Read more »
Oil Prices Surge Amidst Iran War, Impacting Global Energy MarketsOil prices have significantly increased due to the ongoing Iran war, affecting crucial oil and gas production and transport regions. Brent crude reached $119.50 per barrel initially, while West Texas Intermediate also saw substantial gains. Gasoline and diesel prices in the U.S. have also risen, alongside natural gas. Experts predict prolonged high fuel prices for consumers and businesses globally, even if the conflict ceases soon.
Read more »
Oil and gas prices spike amid U.S. war on IranThe Iran War is proving to be hard on American consumers' wallets when it comes to pain at the pump. The Federal Administration says this price spike will lead to steadier lower prices, not aggravated inflation. At a discount gas station, we found only one believer in that.
Read more »
What’s Next as Iran War Deepens and Oil Prices SurgeKey questions persist as the Iran war enters week two, with no clear end, rising risks and oil prices surging.
Read more »
Trump Declares Iran War 'Very Complete,' Oil Prices React, Pentagon Signals Continued FightIn a Monday afternoon interview, President Trump declared the U.S. war with Iran to be nearing its end, citing the destruction of Iranian military assets. Oil prices reacted sharply to the pronouncements. However, conflicting statements from the Pentagon and the continuing loss of life suggest a more complex reality. The President also addressed the strategic importance of the Strait of Hormuz and its impact on the conflict.
Read more »
Iran Conflict Fuels Soaring Oil Prices: Global Energy Markets Under PressureThe ongoing Iran conflict has triggered a surge in oil prices, impacting global energy markets and raising concerns about higher fuel costs for consumers and businesses worldwide. Prices for crude oil, gasoline, and natural gas have all risen, reflecting disruptions to supply chains and infrastructure. The situation is exacerbated by uncertainty, potentially leading to prolonged periods of elevated prices.
Read more »