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Estimates from Wall Street project that if oil prices stay elevated for too long, consumers will lose as much as they gain from the new tax law.
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Oil Drops as Trump Signals Iran Conflict Near End: Markets Wrap BloombergOil extends slide as investors assess Trump comments on Iran war, Strait of Hormuz CNBCOil prices fall and stocks rise after Trump says Iran war 'very complete' BBCThe 24 Hours When Oil Markets Went Wild WSJThe Wild 24-Hour Rise and Fall of Oil Prices The Atlantic
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China's oil imports rose nearly 16 percent in the first two months of 2026, adding to its growing energy stockpile.
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The price of oil had spiked to nearly $120 a barrel on Monday, drawing remarks by President Trump that he believed the war on Iran was "very complete."
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As War Sends Gas Prices Soaring, Americans Wince: ‘Harder to Exist.' The New York TimesTrump administration starts to panic over rapidly rising oil costs CNNTrump Faces Pressure to Tame Surging Gasoline Prices BloombergTrump's War in Iran, and Rising Gas Prices, Collide With Midterm Agenda The New York Times‘We've got to pay attention': GOP anxiety spikes over rising energy prices Politico
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Monday saw the most volatile swings in crude prices on record.
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Oil futures took another swift dive on Tuesday as world leaders consider releasing emergency supplies as the Iran conflict stretched into an eleventh day.
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Oil Prices Likely to Remain Higher Than Pre-Middle East Conflict WSJThis is the biggest oil disruption in history CNNGet ready for price shocks because of Iran? How are we supposed to do that? | Zoe Williams The GuardianBack to the 1970s? Investors brace for a return of stagflation ReutersOil prices swing wildly as Iran war threatens transport routes and production across Middle East
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War with Iran delivers another shock to the global economy AP NewsTrump administration starts to panic over rapidly rising oil costs CNNPendulum swings back on economy amid Iran conflict The HillHow the Iran War Could Hit Americans' Wallets The New York TimesTrump weighs easing Russia sanctions, other measures to cool oil prices Reuters
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Gas prices remain higher than usual across the US, as the price of crude oil has been swinging wildly in response to the Iran war.
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Stock futures fall as traders weigh Trump's signal that Iran war may soon end: Live updates CNBCLive updates: Iran's next supreme leader is named as oil prices soar CNNIran Live Updates: After Global Economy Shudders, Trump Zigzags on Whether War Is Nearing End The New York TimesIran war may end ‘pretty quickly': What Trump told Republicans Al Jazeera
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Benchmark Treasury yields are hovering near the middle of their months-long trading range as fears fade of an inflation shock caused by surging oil prices.
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Crude back below $90 after surging to nearly $120 on Monday
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President Trump insists the conflict will be brief, but world leaders are preparing for severe economic blowback.
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Oil prices climbed on Monday, but finished below Monday's highs near $120 a barrel following talk by the Group of Seven nations of a potential emergency release of crude reserves.
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Oil Prices Are Barreling Toward All-Time Highs WSJOil Prices Spike to Over $110 a Barrel, Highest Since Pandemic The New York TimesHow the Iran war and surging oil prices are affecting consumers at the gas pump and beyond AP NewsTracking gas and oil prices as war with Iran escalates CNNOil Is Already Near a Price That Hurts the Economy WSJ
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World leaders are scrambling to confront the surging cost of oil, as its fallout also threatens to revive inflation in an array of other products.
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