Iran Conflict Sends Oil Prices Soaring to 7-Month High
The ongoing conflict between Iran and the US is once again putting pressure on global oil markets. According to Secretary of State Marco Rubio, Iran's attempts to hit US naval ships will result in losing tankers. This back-and-forth has led to a surge in oil prices, with a brief spike to $100 a barrel for the first time since July.
The price increase is not limited to crude oil, as gasoline prices have also risen. The national average jumped over seven cents in one day, making it the biggest single-day increase since May 1, 2026. Currently, the average price of a gallon of gas is $4.22.
Economists are warning that this price hike could put additional pressure on inflation, making it harder for the Federal Reserve to cut interest rates. Professor Ken Rogoff from Harvard University notes that the Iran war is 'unsettled and unsettling Wall Street because it doesn't seem to be ending.'
Adding to the uncertainty surrounding the conflict is a new report about Iran's nuclear program. Satellite imagery analysis suggests a surge in construction activity at Pickaxe Mountain, a suspected nuclear site.