Crude surges again as the conflict in the Middle East escalates, with several natural gas facilities in Qatar facing missile strikes.

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

From waiving the Jones Act to rerouting oil through the Red Sea, governments are doing their best to make up for the crisis in the Strait of Hormuz, but prices are still rising.

Every 1-cent increase in gasoline prices reduces consumer spending by $1.5 billion annually, one economist says.

Oil prices (CL=F, BZ=F) swing upward on Friday as Iran continues to target oil production sites in the Persian Gulf. Yahoo Finance Breaking News Reporter Jake Conley sits down with Yahoo Finance Head of News Myles Udland to cover the latest developments in the Middle East conflict,

Oil prices stabilized and Wall Street futures fell early Friday as Israel and Iran traded attacks in the three-week old war that has jolted global markets.

Wall Street is stumbling toward the finish line of a fourth straight losing week, but an ease in oil prices is taking some of the pressure off stock markets worldwide.

The global Brent benchmark has jumped more than 50% to around $112 a barrel as the near-complete closure of the Strait of Hormuz choke supplies.

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.

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

The Trump administration waived sanctions on the purchase of Iranian oil at sea for 30 days on Friday in its latest attempt to ease oil prices

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.