U.S. Oil Surges Past $100 a Barrel as Iran War Drags On and Strait of Hormuz Stays Closed

Since the U.S.-Israeli war on Iran began, U.S. oil prices have risen nearly 50% and nearly 75% so far this year. On Sunday, U.S. crude jumped over 2% to around $102 per barrel, while international benchmark Brent crude hit $106 per barrel. The national average gas price reached $3.70 per gallon, up about 70 cents since the war's start, with analysts warning it could hit $4 this week. On Wednesday, the 32-member International Energy Agency unanimously agreed to release a record 400 million barrels of emergency oil reserves, briefly pushing prices below $80 before they climbed again. The Strait of Hormuz, through which more than 20% of the world's daily oil supply passes, remains effectively closed. On Friday, the U.S. struck Kharg Island, from which Iran exports around 90% of its oil, though Trump said energy infrastructure was untouched. Energy Secretary Chris Wright confirmed the strait is not safe and said military escorts remain weeks away.