Iran war puts oil on boil:Brent crude jumps to more than 3-year high; US gasoline surges to highest under Trump

Due to obstructions caused by Iran to oil tankers moving in the largest oil supply route of the world, the Strait of Hormuz, Brent crude oil prices have soared by 29% to more than 3-year high of $94 per barrel on Saturday, 7 March 2026, according to www.oilprice.com Since, the US and Israel’s joint attack on Iran began on Saturday, 28 February, 2026, the oil prices have risen nearly 29%. It was last in November 2022 last that Brent crude oil rates were quoted at $95 per barrel. Oil price spike to lead to higher inflation A rise in oil prices can lead to higher inflation in India. Only Saturday, the Central Government increased the prices of domestic LPG cylinder of 14.2 kg by ₹60. The Centre also hiked price of a 19 kg commercial cylinder by about ₹115 which would now cost ₹1,883. US gasoline surges to highest under Trump The ravages of Iran war weigh not only on oil but also on gas. Citing ‘GasBuddy’ data, the energy news website said that the national average price of gasoline in the United States has jumped to the highest level seen during either of US President Donald Trump’s terms in office. January retail inflation rises to 2.75%, highest in eight months Retail inflation had only risen to an 8-month high of 2.75% in January, up from 1.33% in December.