Trump Lifts Sanctions on Iranian Oil
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Oil prices soar
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Crude surges again as the conflict in the Middle East escalates, with several natural gas facilities in Qatar facing missile strikes.
Another climb for oil prices shook stock markets, as hopes collapsed for a possible cut to interest rates this year by the Federal Reserve
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.
Benchmark Brent oil ​prices jumped above $119 a barrel on Thursday, March 19 after Iran attacked energy facilities across ‌the Middle East.
Treasury Secretary Scott Bessent said the U.S. won't intervene in oil futures markets, focusing on physical crude supply to offset Iran conflict disruptions.
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.
In March 2026, home heating oil prices in New York surged by an average of 39% year-over-year, driven by global fuel spikes.
Every 1-cent increase in gasoline prices reduces consumer spending by $1.5 billion annually, one economist says.