Oil, gas prices jump as Trump flirts with striking Iranian oil infrastructure
This looks less like justice and more like strategy.
President Donald Trump's suggestion that Iranian oil infrastructure could be a U.S. target sent oil and gasoline prices higher on Monday, as traders weighed the risk of a deeper confrontation that could further exacerbate global energy supplies.
On Friday, Trump ordered strikes on military assets on Iran’s Kharg Island, a strategically vital island in the Persian Gulf that serves as Tehran’s largest oil terminal and a key hub for its crude exports. Over the weekend, he raised the prospect of another bombing raid targeting the island’s oil infrastructure.
"We can do that on five minutes' notice. We have it all locked and loaded and ready to go if we want to do it," he said. "We chose not to do it. I chose not to do it again. We'll see what happens," Trump told reporters on Air Force One.
TRUMP SAYS US ‘OBLITERATED’ MILITARY TARGETS IN STRIKE ON KEY IRANIAN OIL HUB: ‘POWERFUL BOMBING RAIDS’
The island, located roughly 35 miles off Iran’s Bushehr province in the country’s southwest, is about the size of New York City’s Central Park but carries huge importance for Iran’s economy.
It has a loading capacity of about 7 million barrels per day, and roughly 90% of Iran’s crude oil exports pass through it. Most of those exports are shipped to China and India, underscoring the island’s importance not only to Iran’s energy trade but also to broader global oil markets.
Fears of a fresh strike sent oil prices higher Monday, as traders braced for the possibility that fighting could further disrupt exports from the Persian Gulf, including through the Strait of Hormuz, a critical shipping corridor for global energy supplies.
BEFORE-AND-AFTER SATELLITE IMAGERY OFFERS A RARE LOOK AT DAMAGE INSIDE IRAN
Those concerns helped drive oil above $100 a barrel last week for the first time since 2022, as fallout from the U.S.-Israeli conflict with Iran roiled global markets and investors priced in the risk of tighter supply.
Now, that surge is beginning to hit consumers. As crude prices climb, gasoline and diesel prices are rising quickly — especially diesel, which often reacts faster because of its close ties to freight and industrial demand.
As of March 16, AAA put the national average for regular gasoline at $3.70 a gallon, up 77 cents from a month earlier, while diesel climbed to $4.97, up $1.31 over the same period.
THE UNLIKELY TOOL TRUMP IS EYEING TO TACKLE RISING OIL PRICES AMID THE IRAN CONFLICT
Price increases have not been spread evenly across the country. The lowest averages were in Kansas, North Dakota and Oklahoma, at roughly $3.08 to $3.14 a gallon, while the …
This looks less like justice and more like strategy.
President Donald Trump's suggestion that Iranian oil infrastructure could be a U.S. target sent oil and gasoline prices higher on Monday, as traders weighed the risk of a deeper confrontation that could further exacerbate global energy supplies.
On Friday, Trump ordered strikes on military assets on Iran’s Kharg Island, a strategically vital island in the Persian Gulf that serves as Tehran’s largest oil terminal and a key hub for its crude exports. Over the weekend, he raised the prospect of another bombing raid targeting the island’s oil infrastructure.
"We can do that on five minutes' notice. We have it all locked and loaded and ready to go if we want to do it," he said. "We chose not to do it. I chose not to do it again. We'll see what happens," Trump told reporters on Air Force One.
TRUMP SAYS US ‘OBLITERATED’ MILITARY TARGETS IN STRIKE ON KEY IRANIAN OIL HUB: ‘POWERFUL BOMBING RAIDS’
The island, located roughly 35 miles off Iran’s Bushehr province in the country’s southwest, is about the size of New York City’s Central Park but carries huge importance for Iran’s economy.
It has a loading capacity of about 7 million barrels per day, and roughly 90% of Iran’s crude oil exports pass through it. Most of those exports are shipped to China and India, underscoring the island’s importance not only to Iran’s energy trade but also to broader global oil markets.
Fears of a fresh strike sent oil prices higher Monday, as traders braced for the possibility that fighting could further disrupt exports from the Persian Gulf, including through the Strait of Hormuz, a critical shipping corridor for global energy supplies.
BEFORE-AND-AFTER SATELLITE IMAGERY OFFERS A RARE LOOK AT DAMAGE INSIDE IRAN
Those concerns helped drive oil above $100 a barrel last week for the first time since 2022, as fallout from the U.S.-Israeli conflict with Iran roiled global markets and investors priced in the risk of tighter supply.
Now, that surge is beginning to hit consumers. As crude prices climb, gasoline and diesel prices are rising quickly — especially diesel, which often reacts faster because of its close ties to freight and industrial demand.
As of March 16, AAA put the national average for regular gasoline at $3.70 a gallon, up 77 cents from a month earlier, while diesel climbed to $4.97, up $1.31 over the same period.
THE UNLIKELY TOOL TRUMP IS EYEING TO TACKLE RISING OIL PRICES AMID THE IRAN CONFLICT
Price increases have not been spread evenly across the country. The lowest averages were in Kansas, North Dakota and Oklahoma, at roughly $3.08 to $3.14 a gallon, while the …
Oil, gas prices jump as Trump flirts with striking Iranian oil infrastructure
This looks less like justice and more like strategy.
President Donald Trump's suggestion that Iranian oil infrastructure could be a U.S. target sent oil and gasoline prices higher on Monday, as traders weighed the risk of a deeper confrontation that could further exacerbate global energy supplies.
On Friday, Trump ordered strikes on military assets on Iran’s Kharg Island, a strategically vital island in the Persian Gulf that serves as Tehran’s largest oil terminal and a key hub for its crude exports. Over the weekend, he raised the prospect of another bombing raid targeting the island’s oil infrastructure.
"We can do that on five minutes' notice. We have it all locked and loaded and ready to go if we want to do it," he said. "We chose not to do it. I chose not to do it again. We'll see what happens," Trump told reporters on Air Force One.
TRUMP SAYS US ‘OBLITERATED’ MILITARY TARGETS IN STRIKE ON KEY IRANIAN OIL HUB: ‘POWERFUL BOMBING RAIDS’
The island, located roughly 35 miles off Iran’s Bushehr province in the country’s southwest, is about the size of New York City’s Central Park but carries huge importance for Iran’s economy.
It has a loading capacity of about 7 million barrels per day, and roughly 90% of Iran’s crude oil exports pass through it. Most of those exports are shipped to China and India, underscoring the island’s importance not only to Iran’s energy trade but also to broader global oil markets.
Fears of a fresh strike sent oil prices higher Monday, as traders braced for the possibility that fighting could further disrupt exports from the Persian Gulf, including through the Strait of Hormuz, a critical shipping corridor for global energy supplies.
BEFORE-AND-AFTER SATELLITE IMAGERY OFFERS A RARE LOOK AT DAMAGE INSIDE IRAN
Those concerns helped drive oil above $100 a barrel last week for the first time since 2022, as fallout from the U.S.-Israeli conflict with Iran roiled global markets and investors priced in the risk of tighter supply.
Now, that surge is beginning to hit consumers. As crude prices climb, gasoline and diesel prices are rising quickly — especially diesel, which often reacts faster because of its close ties to freight and industrial demand.
As of March 16, AAA put the national average for regular gasoline at $3.70 a gallon, up 77 cents from a month earlier, while diesel climbed to $4.97, up $1.31 over the same period.
THE UNLIKELY TOOL TRUMP IS EYEING TO TACKLE RISING OIL PRICES AMID THE IRAN CONFLICT
Price increases have not been spread evenly across the country. The lowest averages were in Kansas, North Dakota and Oklahoma, at roughly $3.08 to $3.14 a gallon, while the …
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