The Iran war continues to rattle global energy markets. Here’s what we’re tracking. 👀
By the numbers: Brent crude is trading around $103/bbl, up some 40% since US-Israeli strikes began Feb 28. US gas prices hit $3.79/gal on average—the highest since Oct 2023—and diesel has surged to an average of $5.04/gal, a nearly 40% increase over the past month.
The Trump admin expects to announce a multi-nation escort mission for ships through the Strait of Hormuz as soon as this week. But as US hostilities continue, most potential partners remain noncommittal.
While we’re here: In the scramble to ramp up the US oil supply, the Trump admin directed the revival of a California pipeline that caused one of the state’s worst oil spills in 2015.