Popular Florida family theme park closes down for new development The Strait of Hormuz crisis has driven oil prices to four-year highs, disrupting global energy supplies. Rising fuel and fertilizer costs are pushing gas and grocery prices significantly higher for consumers.

Even with oil prices climbing, people in West Texas say it doesn’t feel like the start of another boom, at least not yet.

In a twist of wartime irony, the United States has moved to ease sanctions on Iranian oil to cool surging energy prices, a potential boon for Tehran.

Oil prices rose Sunday after President Donald Trump threatened to “obliterate” Iran’s power plants if the Strait of Hormuz is not reopened by Monday evening.

With gas closing in on $4 a gallon, the Trump administration is pulling multiple levers to tame energy prices. The results have been mixed.

Benchmark Brent oil ​prices jumped above $119 a barrel on Thursday, March 19 after Iran attacked energy facilities across ‌the Middle East.

Oil prices dipped Friday but remained well above $100, with energy infrastructure in the Middle East damaged and the vital Strait of Hormuz still largely shut.

The U.S. lifts sanctions on 140 million barrels of Iranian oil at sea, while keeping bank sanctions in place to deny Tehran the revenue.

Energy experts forecast more pain for consumers and businesses as the war in the Middle East shows no signs of easing.

In March 2026, home heating oil prices in New York surged by an average of 39% year-over-year, driven by global fuel spikes.

United Airlines Chief Executive Scott Kirby said the carrier is cutting certain routes due to high oil prices pushing up the cost of jet fuel, and the airline is assuming the price of crude stays above $100 a barrel through 2027.

Oil prices are rising due to the ongoing geopolitical conflict in the Middle East. You are already seeing the impact at the gas pump, but it won't stop there. Rising oil and natural gas prices will ripple through the economy,