Iran Conflict & Oil Prices: US-Israel Impact

by Archynetys Economy Desk

Titular11 Mar. 2026

The war between the United States and Israel against Iran has caused a sharp increase in oil prices. On February 27, one day before the start of the offensive against Iran, the price of a barrel was below $70, while on Monday, March 9, it reached a maximum of almost $120. Oil prices have currently stabilized at around $90 per barrel. According to the American Automobile Association, the average price of gasoline in the United States has skyrocketed to $3.48 a gallon, up from $3 a week ago. The war against Iran has also caused the prices of fertilizers such as urea, ammonia and other nitrogenous products to rise, which are essential for food production. The American Farm Bureau Federation has sent a letter to the White House that said: “We are deeply concerned that inaction could lead to disruptions in the food supply chain not seen since 2022, when food price inflation reached record levels not seen in 40 years.”

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