By Micah Jonah, March 10, 2026
The ongoing US-Israel military attacks on Iran are causing global energy disruptions, with crude oil prices jumping from $67 to nearly $97 per barrel since the conflict began on February 28. Gas prices in the US have risen by 51 cents per gallon in a week, further straining consumers already grappling with high living costs.
The war has disrupted oil transport through the Strait of Hormuz, which handles 20% of global oil and key natural gas shipments, and led to increased prices for goods such as fertilizer, affecting agricultural production worldwide. Poorer countries like Pakistan and Bangladesh have already implemented austerity and fuel-use restrictions in response.
Analysts warn that if the war continues, oil prices could climb further, and political pressure on President Donald Trump may intensify ahead of the midterm elections. Although the US has strategic reserves exceeding 415 million barrels, it remains unclear when or if these will be released to stabilize markets.
Early polling shows public opposition to the war, with 53% of US voters disapproving of military action in Iran. Trump has downplayed concerns, calling the short-term price increases a “small price to pay for safety and peace.”
