GoKawiilOil prices surge after US-Israel strikes on Iran, from $66 to $101 a barrel
Energy economists report that US crude oil prices jumped from about $66 per barrel in late February 2026 to $101 by April 13, following American and Israeli attacks on Iran that closed the Strait of Hormuz. Because oil underpins transportation, plastics, fertilizers and countless supply chains, the price increase has spread globally, raising costs for manufacturers and consumers across many industries.
GoKawiil's interpretation of the reporting above, not reported fact.
Because oil is embedded in nearly every stage of global manufacturing and transport, a sudden supply disruption like this one can push up prices for a huge range of everyday goods, not just fuel. The economists note that when disruptions happen abruptly rather than gradually, consumers and businesses have less time to adjust, which may amplify the economic shock. This case also raises broader questions about who captures the extra revenue generated by higher prices, a question the economists say deserves closer scrutiny.
- US crude oil prices rose from $66 to $101 a barrel between late February and April 13, 2026
- The spike followed US and Israeli military attacks on Iran that closed the Strait of Hormuz
- Because oil underlies transportation, plastics and fertilizer production, price shocks ripple through the global economy
Source: theconversation.com — Matthew E. Oliver, 2026-09-29
Published there as: “When oil prices spike, where does the money go?”
Read the original report → The summary and analysis above are GoKawiil's own, written from reporting by the source above. Facts and quotes belong to the original publisher.