economy
March 15, 2026
Consequences are felt in the US
Oil prices have been around $100 a barrel this week, while tensions in the Middle East and the Strait of Hormuz escalate.
TL;DR
- Average US gasoline prices hit $3.70 per gallon.
- This represents a 24% increase since the start of the Iran conflict on February 28th.
- Oil prices are around $100 per barrel due to Middle East tensions.
- The Strait of Hormuz, a crucial oil transit point, is closed.
- This closure impacts roughly 20% of global crude oil flow and has disrupted oil trade from the Middle East.
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