economy
March 16, 2026
Gas prices edge higher with Brent crude remaining above $100 per barrel
Gasoline prices inched higher on Monday with Brent crude remaining above $100 per barrel, as the Strait of Hormuz, a vital shipping lane for the global energy supply, remains paralyzed amid the Iran war.
TL;DR
- Average gasoline prices reached $3.72 per gallon on Monday, an increase of almost 79 cents from a month prior.
- Brent crude slipped to $101.93 per barrel, while West Texas Intermediate fell to $94.62.
- The paralysis of the Strait of Hormuz is causing oil producers to cut production.
- Financial markets are concerned that a prolonged closure of the Strait could drive inflation to debilitating levels.
- Stock markets, including the S&P 500, Dow Jones, and Nasdaq, saw gains on Monday, partly due to a slight retreat in oil prices.
- President Trump demanded other countries address the closure of the Strait of Hormuz and offered US assistance.
- White House Press Secretary Karoline Leavitt stated that other countries benefit from the US military removing the threat of Iran.
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