https://www.cnbc.com/2026/03/05/crud...-iran-war.html
U.S. crude oil tops $80 per barrel as escalating Iran war disrupts global fuel supplies
Tanker traffic through the Strait of Hormuz remains at a standstill as Iran attacks vessels.
Oil prices have surged about 20% this week. Retail gasoline prices have jumped nearly 27 cents since last week to $3.25 per gallon.
President Donald Trump said Thursday that "further action to reduce pressure on oil is imminent."
Iran claimed to have struck an oil tanker with a missile, according to a state media report. Iran's Revolutionary Guard ordered a closure of the Strait of Hormuz earlier this week and threatened to attack tankers passing through it, according to state media.
Tanker traffic through the Strait of Hormuz has come to a standstill since the U.S.-Israeli war against Iran began, as ship owners are worried about the volatile security situation. About 20% of global oil consumption is exported through the strait.
The Trump administration does not have a timeline for when the strait will be safe for commercial shipping again, White House press secretary Karoline Leavitt told reporters Wednesday.
"I don't want to commit to a timeline, but certainly it's something that is being calculated actively by both the Department of War and the Department of Energy," Leavitt said when asked during a briefing.

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