The United States and Israel’s war against Iran is throwing global oil markets into turmoil, with crude oil futures skyrocketing due to Iran largely closing off oil tanker access to the Strait of Hormuz, where 20% of the global oil supply flows out of.
Since the military strikes against Iran began on Feb. 28, crude oil futures have skyrocketed to over $100 a barrel for the first time in nearly four years, before dropping back to around $80 on Monday. The average price of a gallon of regular gas has jumped 19% over the last month, going from $2.93 a gallon this time last month to $3.57 a gallon as of March 11, . “This is because of Trump’s war with Iran.”
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