economy
March 10, 2026
The Wild 24-Hour Rise and Fall of Oil Prices
Americans will bear the costs if energy shocks in the Middle East lead to a full-blown crisis.
TL;DR
- Oil prices surged by nearly 30% overnight, from $92 to $119.50 a barrel, before falling back to around $90.
- The escalation of conflict in the Middle East, including threats to the Strait of Hormuz, triggered panic in energy markets.
- Disruptions to shipping through the Strait of Hormuz have drastically reduced daily traffic, impacting global oil supply.
- U.S. and Israeli strikes on Iran's energy infrastructure add further uncertainty to oil supplies.
- The average price of gasoline in the U.S. has risen nearly 17% since the conflict began.
- Potential broader economic consequences include increased costs for travel, groceries, and utilities.
- The U.S. Navy may escort tankers through the Strait of Hormuz, and other measures are being considered to stabilize prices.
- The current situation echoes the energy crises of the 1970s, raising concerns about prolonged economic impacts.
Continue reading the original article