Oil prices soar above $100 per barrel amid Iran-Israel conflict
Oil prices have jumped above $100 a barrel for the first time since 2022, after U.S.-Israel airstrikes on Iran disrupted supplies.
Brent crude jumped about 17% to $108.52, and US oil futures rose about 24.6% to $113.30 in one report.
Iraq, Kuwait, and UAE cut back oil production
The Strait of Hormuz, a major route for global oil, remains blocked due to Iranian threats, leaving tankers stuck and supplies tight.
Iraq slashed its output by 60%, with Kuwait and the U.A.E. also cutting back.
Even Saudi Arabia can't fill the gap, so prices keep climbing.
Attacks on oil facilities
The conflict has led to attacks on Tehran's oil depot and Bahrain's refinery, plus damage to key water plants.
With Iran threatening more retaliation, things are still tense, and disruptions continue.
Gas prices surge in the US
US gasoline prices have risen sharply, to roughly $3.45 per gallon since the strikes.
The stock market isn't loving it either: Dow futures dropped by 1,000 points as analysts warn a prolonged supply shock and sustained high oil prices could raise the risk of a recession.
President Donald Trump downplayed releasing emergency oil reserves, calling the price spike 'short term' and 'a very small price to pay' for 'Safety and Peace.'