Oil crashing through $100 a barrel represents an economic catastrophe in the making, with Iran's closure of the Strait of Hormuz threatening to push prices to $150 and trigger a devastating global recession. Gas prices have already jumped 50 cents in a week to $3.48 a gallon, and every supply chain faces skyrocketing costs that will crush consumers and destroy economic growth worldwide.
Near-$100 oil isn't particularly bad news for the American economy since the country's status as a net energy exporter means stronger income in the oil patch will offset consumer spending cuts. The price spike will be short-lived once the conflict ends, and eliminating the Iran nuclear threat is worth temporary pain at the pump.
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