U.S. Gas Hits $4.53 a Gallon as Brent Climbs 45% on Iran War Fears
Updated
Updated · The New York Times · May 14
U.S. Gas Hits $4.53 a Gallon as Brent Climbs 45% on Iran War Fears
9 articles · Updated · The New York Times · May 14
$4.53 a gallon became the U.S. average for regular gasoline on Thursday, up 2 cents on the day and 52% since the U.S.-Iran conflict began.
Brent crude rose about 1% and remained roughly 45% above its prewar level, while WTI gained about 1% after closing at $102.18 a barrel, reinforcing fears of a global inflation shock.
Trump's meeting with Xi added to market tension: Trump praised Xi, but the Chinese leader warned Taiwan could push ties into an “extremely dangerous place.”
Trump is expected to press Xi to help end the war and reopen the Strait of Hormuz, whose effective closure has disrupted oil flows even as stock markets stay buoyed by AI-driven optimism.
Will the Fed risk a global recession to fight the inflation caused by the ongoing Iran war?
Could the costly Iran war force a secret U.S. deal with China over Taiwan's future?
Is China's neutrality a strategic move to displace U.S. influence in the Middle East?
Oil Above $105: Global Economic and Diplomatic Fallout from the 2026 U.S.-Iran Conflict and Strait of Hormuz Crisis
Overview
The ongoing conflict between the U.S. and Iran has triggered a sharp and immediate shock in global energy markets, with Brent crude oil prices surging above $107 a barrel. This spike is mainly driven by Iran’s effective closure and tightened control of the Strait of Hormuz, a vital route for global oil shipments. The situation is made worse by a deepening diplomatic impasse, as both sides hold firm on opposing demands. Hopes for a quick resolution have faded, and the resulting energy crisis is fueling inflation and economic strain worldwide, highlighting the far-reaching impact of this geopolitical standoff.