Oil prices spike as Iran war intensifies: What to know

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FILE-A man pumps gasoline into his vehicle at a gas station in Brooklyn, New York, U.S., March 4, 2026. (Photo by Mostafa Bassim/Anadolu via Getty Images)

Oil prices have soared as the Iran war, now in its 10th day on Monday, affects countries and areas vital to the production and movement of oil and gas from the Persian Gulf. 

The Associated Press reported that the price of a barrel of Brent crude, the international standard, increased to $119.50 per barrel early in the day, but later traded near $106 per barrel, up 14%, before the opening bell.

Meanwhile, West Texas Intermediate, crude oil produced in the United States, soared above $119.48 per barrel but dropped closer to $103.

RELATED: Iran live updates: War enters 10th day with no end in sight

During the weekend, President Donald Trump downplayed the idea of turning to America’s Strategic Petroleum Reserve, saying U.S. supplies were adequate and prices would soon drop, the AP noted.

What are gas price averages in the U.S.?

By the numbers:

In the U.S., the average price of a gallon of regular gas increased to $3.48 as of early Monday, up nearly 50 cents from a week earlier, the Associated Press reported, citing the AAA motor club. Additionally, diesel, which is used heavily in shipping, sold for $4.66 a gallon.

The AP reported that the price of natural gas in the U.S. has also jumped during the Iran war. It was selling for roughly $3.34 per 1,000 cubic feet early Monday. 

With Iran, Israel and the U.S. attacking oil and gas facilities since the Iran war began in late February, FOX Business reported that this war may leave consumers and businesses globally with weeks or possibly months of higher fuel prices, even if the conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics and higher risks to shipping.