US EditionGasBuddy Petroleum Analyst Matt McClain Discusses Surging Oil Prices
Oil prices surged over 25% this week due to Iran conflict disrupting the Strait of Hormuz, threatening global supply and pushing gasoline prices higher in the U.S.
- On Mar 6, 2026, Wall Street sank after oil spiked to its highest level since summer 2024, with U.S. crude rising 8.5% to $81.01 and Brent crude nearing $90 a barrel.
- Shipping disruptions around Hormuz, including Iran's attacks on ships, are constraining flows through the Strait of Hormuz, where roughly 20% of global oil transits; empty oil supertankers in the Gulf are dwindling and producers' onshore storage tanks are filling.
- Diesel and jet fuel surged, with diesel rallying more than 50% in a week and jet fuel exceeding $200 a barrel, while U.S. pump prices rose to $3.25 a gallon, up 9% week-on-week.
- Markets experienced frenetic, hour-by-hour swings as oil drove global trading, and the S&P 500 remained only modestly lower for the week despite losses softened by Broadcom’s 74% AI-chip revenue jump, CEO Hock Tan said.
- Market strategists and officials warned of sharply higher price ceilings, including a $150 warning, with Goldman Sachs Group Inc. and BNP Paribas predicting prices could exceed $100 next week if disruptions persist.
13 Articles
13 Articles
Global Oil Supply Crippled As Gulf Attacks, Hormuz Blockade Send Prices Surging - BP (NYSE:BP), Invesco DB Oil Fund (ARCA:DBO)
Crude oil prices surged 35% amid attacks on Gulf energy infrastructure and the near shutdown of tanker traffic through the Strait of Hormuz.
Inflation will come crashing down as the oil price shock crushes US demand, top economist says
Commentators have warned that the war in Iran could spark stagflation. Yet, economist David Rosenberg doesn't think it's a risk. Higher oil prices are more likely to cause inflation to crash and the economy to slow by year's end, he said. Stagflation talk is picking up on Wall Street again,…
GasBuddy Petroleum Analyst Matt McClain discusses surging oil prices
Amid the conflict with Iran, oil prices are surging, and experts say it could be weeks before they come back down. GasBuddy Petroleum Analyst Matt McClain joined WGN News on Saturday morning to discuss the rising prices and what it could mean at the pump.
Traders Warn $100 Oil Is Imminent If Iran War Keeps Raging
(Bloomberg) — A week into one of the biggest ever disruptions to global energy markets, oil prices still remain far below levels seen in previous crises. But a growing chorus of energy executives and traders is warning that every day that war rages on brings the world closer to a tipping point — with several predicting $100 crude within days.
Global Economy Briefing — March 7, 2026
The Big Three 1 WTI crude blasted through $80 for the first time since January 2025 as the Iran conflict entered its sixth day — Brent hit $85 and oil posted its biggest weekly gain since 2022, hammering the Dow 1.6% and erasing its 2026 gains. 2 UK Construction PMI plunged to 44.5 in February […]
Coverage Details
Bias Distribution
- 50% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
