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The strikes sent fuel prices soaring and risked drawing Iran’s Arab neighbors directly into the conflict.

The attacks added to fears the energy crisis triggered by the closure of the Strait of Hormuz may cause lasting damage to oil and gas production.

Tehran warned of imminent retaliation against refining, petrochemical and natural gas assets in the region after its own giant South Pars gas field was struck.

The Labor Department reported March 18 that its producer price index rose 0.7% from January, and 3.4% from February 2025. 

Iran has threatened it won't allow “even a single liter of oil” destined for the U.S., Israel and their allies to pass through Strait of Hormuz.

Brent crude traded near $100 a barrel following one of the most volatile weeks ever for the oil market, with investors bracing for more upheaval as Iran pledged to keep the Strait of Hormuz shut.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, Ricaurte Vásquez said.

It’s unclear how much extra oil the step will free up in practice, and it represents a fraction of what has been lost because of the Hormuz turmoil this month.

Experts say prolonged high gas prices may drive some EV interest and sales, especially if drivers assume their electricity prices won't be affected by the crises.

The data has been overtaken by a conflict that began when the U.S. and Israel attacked Iran on Feb. 28. Gas prices have jumped sharply and are expected to fuel higher costs broadly.