economy

March 5, 2026

U.S. crude oil tops $80 per barrel as escalating Iran war disrupts global fuel supplies

Oil prices have surged about 20% this week as the U.S.-Iran war engulfs the Middle East.

U.S. crude oil tops $80 per barrel as escalating Iran war disrupts global fuel supplies

TL;DR

  • U.S. crude oil prices exceeded $80 per barrel, with West Texas Intermediate closing at $81.01 and Brent at $85.41.
  • Retail gasoline prices in the U.S. have risen nearly 27 cents to an average of $3.25 per gallon.
  • Attacks on tankers and Iran's closure of the Strait of Hormuz have brought tanker traffic to a standstill.
  • About 20% of global oil consumption is exported through the Strait of Hormuz.
  • The U.S. will provide political risk insurance for tankers and may escort ships through the Persian Gulf.

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