Iran Nearly Crippled Global Energy, But Trump Found A New Weapon

[rangerrebew]

Iran Nearly Crippled Global Energy, But Trump Found A New Weapon
3 hours ago Guest Blogger 
From THE DAILY CALLER

Daily Caller News Foundation
Benjamin Roberts
Associate Editor

As energy markets reel from the U.S.’ war with Iran, the Trump administration is racing against time to insulate Americans from any more pain at the pump.

The war began early Saturday when U.S. and Israeli forces launched a massive wave of air strikes that killed Supreme Leader Ayatollah Khomeini and struck over 1,000 military installations. Iran retaliated with both conventional missile attacks and drone strikes, taking major energy facilities offline in the Arab Gulf. Brent crude, the oil blend used as an international benchmark for pricing, has risen to over $80/barrel, raising U.S. gas prices by roughly 20 cents/gallon.

“The price for crude oil is set on a global commodity trading market that is reflected mainly in the Brent crude price. All contracts for sale of crude globally work back from that index price,” industry veteran David Blackmon told the Daily Caller News Foundation.

Every $10 increase in Brent crude translates to a roughly 24-cent spike in U.S. gas prices, according to S&P Global. If Brent hits $100/barrel, consumers could fork over nearly $4/gallon at the gas station.

https://wattsupwiththat.com/2026/03/08/iran-nearly-crippled-global-energy-but-trump-found-a-new-weapon/

[Free Vulcan]

Fortunately there are plenty of producers, including us, that benefit from higher prices, so at least there's a counterweight to shipping problems in the Straight that will ultimately cap the price.

It's hard on Asia, consumers, and the ME producers, and potentially destabilizing, so it will be a pretty fine line to walk.

The most important thing is to get things in the Strait moving again.