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Home/Briefs/energy security

BriefApril 16, 2026 · 08:01 AM

Energy shocks from the Iran conflict reveal the cost of fossil fuel dependence

U.S. gasoline prices have increased nearly 40 percent and jet fuel costs have risen more than 92 percent in some regions. These fluctuations move through food, transport, and housing costs, impacting every line of a household budget. The price of Brent crude surged to nearly $120 per barrel after the Trump administration's strikes on Iran triggered the effective closure of the Strait of Hormuz. This closure cut off roughly one-fifth of the world's oil and gas supply from global markets overnight. The five largest oil and gas companies recorded more than $100 billion in profit in 2024.

Reese Holloway

energy securityinflationcommodity markets

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