Oil and Gas Prices Surge as Iran War Escalates

Conflict disrupts global oil supply, sending prices soaring and impacting consumers worldwide

Published on Mar. 7, 2026

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The price of oil has surged higher and shows no signs of slowing down a week after the U.S. and Israel launched major attacks on Iran, escalating the conflict in the Middle East. The disruption and damage to key oil and gas facilities in the region has led to an interruption in supply, sending oil prices above $90 per barrel. This is ratcheting up what consumers and businesses will pay for gasoline, diesel, and jet fuel, with some drivers already feeling the impact at the pump.

Why it matters

The ongoing conflict in the Middle East is having a significant impact on the global energy market, with the disruption of oil and gas supplies from the region causing prices to spike worldwide. This is putting a strain on consumers and businesses, who are already struggling with high inflation and the economic fallout from the pandemic.

The details

The conflict has left ships carrying roughly 20 million barrels of oil per day stranded in the Persian Gulf, unable to safely pass through the Strait of Hormuz. Iran has also launched a series of retaliatory attacks, including a drone strike on the U.S. Embassy in Saudi Arabia and strikes on a major refinery in Saudi Arabia and a liquefied natural gas facility in Qatar. As a result, roughly 9 million barrels of oil per day are off the market due to facilities being hit or producers taking precautionary measures.

  • On March 1, the U.S. and Israel launched major attacks on Iran, escalating the conflict in the Middle East.
  • On March 7, oil prices surpassed $90 per barrel, with American crude settling at $90.90, up 36% from a week ago, and Brent, the international standard, climbing 27% over the course of the week to land at $92.69.
  • On March 6, President Donald Trump said the U.S. expected its military operations against Iran to last four to five weeks but has 'the capability to go far longer'.
  • On March 10, Trump appeared to rule out talks with Iran absent its 'unconditional surrender'.

The players

President Donald Trump

The President of the United States, who has said the U.S. military operations against Iran could last for weeks or even longer.

Iran

The Middle Eastern country that has launched a series of retaliatory attacks, including drone strikes and missile attacks on oil and gas facilities in the region, in response to the U.S. and Israeli military operations.

United States

The country that, along with Israel, launched major attacks on Iran, escalating the conflict in the Middle East.

Israel

The country that, along with the U.S., launched major attacks on Iran, escalating the conflict in the Middle East.

Strait of Hormuz

The narrow mouth of the Persian Gulf that is bordered on its north side by Iran, and through which roughly 20 million barrels of oil per day must pass.

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What they’re saying

“It's crazy. It's not needed, especially at a time when people are already struggling, but not unexpected from all this turmoil that's going on.”

— Mark Doran, Middlebury, Vermont resident (WBAL)

“The more news we get, the more it seems like this is going to last a really long time.”

— Al Salazar, Head of macro oil and gas research at Enverus (WBAL)

“I can weather the storm because I'm in good financial position, but I feel sorry for my fellow citizens who are living paycheck to paycheck because they have to drive to get to work and they have to change their oil and all those things. And they need some relief and it doesn't seem to be coming anytime soon.”

— Jerry Dalpiaz, Covington, Louisiana resident (WBAL)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

The ongoing conflict in the Middle East is having a significant impact on the global energy market, with the disruption of oil and gas supplies causing prices to surge worldwide. This is putting a strain on consumers and businesses, who are already struggling with high inflation and the economic fallout from the pandemic, and raises questions about the long-term implications of the conflict and the ability to restore stability and security in the region.