In a twist of wartime irony, the United States has moved to ease sanctions on Iranian oil to cool surging energy prices, a potential boon for Tehran.

Gas prices shoot up fast, but don’t fall as quickly. Even America’s oil boom can’t stop global markets from shaking the pump.

With 131 refineries currently in operation, the United States has long been the global leader in oil processing capacity, but has lost ground because of a combination of an aging infrastructure and constricting regulations,

Venezuela state oil company Petróleos de Venezuela S.A. announced signing new contracts to supply crude oil and refined products for the U.S. market.

The dramatic rise in oil and gas prices following the outbreak of the Iran war has raised new questions about President Donald Trump’s claims over the years that the United States has achieved energy independence.

In March 2026, home heating oil prices in New York surged by an average of 39% year-over-year, driven by global fuel spikes.

The economic impact of the war with Iran will persist even if the war ends soon, as oil prices will remain high for several weeks or months, affecting the cost of goods being shipped and leading to higher prices for other consumer goods.

Oil prices dipped Friday but remained well above $100, with energy infrastructure in the Middle East damaged and the vital Strait of Hormuz still largely shut.

By Tamiyuki Kihara and Katya Golubkova TOKYO, March 20 (Reuters) - Japan may start stockpiling U.S. oil domestically, Prime Minister Sanae Takaichi said during her visit to the United States, as it looks to diversify procurement and strengthen energy security.