US EditionWill the rise in oil prices drive up inflation? Experts weigh in
Oil prices surged over 30% in a month due to fears of a Strait of Hormuz blockade, raising gasoline to $3.53 and diesel to $4.78 per gallon, analysts said.
- On Tuesday, U.S. and Israel initiated a war with Iran that pushed global oil markets higher, with U.S. crude at about $86 per barrel after a 17% drop, yet prices have surged more than 30% since a month ago.
- The U.S. military, Gen. Dan Caine, said it is exploring escorts for ships as Saudi Aramco warned of catastrophic consequences if tanker traffic in the Strait of Hormuz does not resume.
- Gasoline and diesel prices jumped sharply, hitting household budgets and transport costs as U.S. gasoline rose to $3.53 on Tuesday from $3.10 a week earlier, and diesel climbed to $4.78 from $3.65 a month earlier.
- Experts warned that prolonged high oil would squeeze households, with Omair Sharif stating 'It will really start to eat into disposable income for consumers if it persists for several months.'
- A swift reopening of the Strait of Hormuz could return prices to pre-war levels, analysts said, while Macquarie global strategists warned that 'energy price shocks transmit into production costs across virtually every sector', and Sharif said, 'Forecasts are being updated day to day.
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17 Articles
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Inflation report to be released as Iran war sends gas prices surging
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How high will the U.S.-Israel war with Iran push gas prices?
Oil and gas prices are rapidly rising around the world amid the U.S.-Israel war with Iran. Andrew Chang explains what's driving the surge and why predicting the next moves in the oil market is so difficult. CORRECTION (March 11, 2026): At 2:36 in this video, the graphic incorrectly states Iran holds 298 billion barrels of oil reserves. The correct number is 209 billion. Images provided by The Canadian Press, Reuters and Getty Images
The Iran war is causing energy prices to rise. This brings back memories of the 2022 price shock. Economists warn of an inflation surge in Europe. The ECB should react quickly. By Angela Göpfert.
Inflation held steady in February before war with Iran sent gas prices surging
(NEW YORK) - Inflation held steady in February, maintaining price increases at elevated levels in the weeks before the U.S.-Israeli war with Iran sent gasoline prices surging and stoked heightened concern about affordability. The reading matched economists' expectations. Prices rose 2.4% in February compared to a year earlier, leaving the inflation rate unchanged from January, U.S. Bureau of Labor Statistics data showed. Inflation stands slightl…
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