{"id":48433,"date":"2026-03-29T23:51:17","date_gmt":"2026-03-29T23:51:17","guid":{"rendered":"https:\/\/agooka.com\/news\/usa\/oil-prices-rise-again-as-the-iran-war-enters-its-5th-week\/"},"modified":"2026-03-29T23:51:17","modified_gmt":"2026-03-29T23:51:17","slug":"oil-prices-rise-again-as-the-iran-war-enters-its-5th-week","status":"publish","type":"post","link":"https:\/\/agooka.com\/news\/usa\/oil-prices-rise-again-as-the-iran-war-enters-its-5th-week\/","title":{"rendered":"Oil prices rise again as the Iran war enters its 5th week"},"content":{"rendered":"<figure><img decoding=\"async\" src=\"https:\/\/i.insider.com\/69c9a3f4f573a637a7567467?format=jpeg\" alt=\"pump jack in oil field\"\/><figcaption>Oil prices rose above $115 per barrel when markets reopened on Sunday.<\/p>\n<p>Mario Tama\/Getty Images<\/p>\n<\/figcaption><\/figure>\n<ul>\n<li>Oil prices rose about 3% to over $115 a barrel on Sunday.<\/li>\n<li>The US and Israel&#039;s war on Iran entered its 5th week.<\/li>\n<li>Gas prices in the US are now averaging almost $4 per gallon.<\/li>\n<\/ul>\n<p>Oil prices roseon Sunday after theIran-backed Houthis in Yemen launched cruise missiles and drones at Israel, marking their entry into the war.<\/p>\n<p>Brent oil reached$115.73 a barrelwhen markets reopened, a $3 increasefrom its Friday high of $112.57. Western Texas Intermediate hit $103.13 a barrelon Sunday.<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/ak2Zm\/full.png\" alt=\"Line chart\"\/><\/p>\n<p>Oil prices have surged since the US and Israel began bombing Iran at the end of February, and Iran retaliated by essentially closing the Strait of Hormuz. About 20% of the world&#039;s oil supply and liquified natural gas passes through the waterway off Iran&#039;s coast. Major oil hubs across the Middle East have also been damaged during the conflict, further straining the global supply chain.<\/p>\n<p>Most recently, the Houthis launched two missile and drone attacks at Israel over the weekend. Yahya Saree, the spokesman for the Yemeni Armed Forces, confirmed the attacks on X.<\/p>\n<p>For American consumers, this all translates to higher gas prices. The national average in the US was $3.98 on Sunday, up from $2.98 in February. The International Energy Agency has released 400 million barrels of oil from a strategic reserve to ease economic uncertainty.<\/p>\n<p>Although US Energy Secretary Chris Wright said on March 8 the war wouldn&#039;t be &quot;long-term,&quot; the Trump administration and Iranian officials have not yet signaled an exit plan.<\/p>\n<p>On Saturday, The Washington Post reported that the Pentagon is preparing for weeks of ground operations in Iran.<\/p>\n<p>Many global leaders are urging de-escalation, including Pakistani Foreign Minister Mohammad Ishaq Dar, who is meeting with foreign ministers from Egypt, Saudi Arabia, and Turkey in Islamabad on Sunday and Monday.<\/p>\n<p>Dar said the group had a &quot;very detailed and in-depth discussion&quot; about the regional situation in a statement shared to X.<\/p>\n<p>&quot;We also discussed the possible ways to bring an early and permanent end to the war in the region,&quot; Dar said. &quot;We agree that the war is not in favour of anyone and would only lead to death and destruction.&quot;<\/p>\n<p>Dar added that the US and Iran have &quot;expressed their confidence in Pakistan&quot; to assist with peace talks.<\/p>\n<p>&quot;We have remained actively engaged with the US leadership as well, as part of our efforts to de-escalate the situation and find a peaceful resolution of the conflict,&quot; Dar said. &quot;In this context, Pakistan is very happy that both Iran and the US have expressed their confidence in Pakistan to facilitate these talks.&quot;<\/p>\n<p>Read the original article on Business Insider<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices rose above $115 per barrel when markets reopened on Sunday. Mario Tama\/Getty Images Oil prices rose about 3% to over $115 a barrel on Sunday. The US and Israel&#039;s war on Iran entered its 5th week. Gas prices in the US are now averaging almost $4 per gallon. Oil prices roseon Sunday after [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":48435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":{"0":"post-48433","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-usa"},"_links":{"self":[{"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/posts\/48433","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/comments?post=48433"}],"version-history":[{"count":0,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/posts\/48433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/media\/48435"}],"wp:attachment":[{"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/media?parent=48433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/categories?post=48433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/agooka.com\/news\/wp-json\/wp\/v2\/tags?post=48433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}