"If the war continues for a month or more, oil (and gas) prices could go much higher.

The war is also causing food prices — which were also high before the war — to rise even faster. That’s because roughly a quarter to a third of the global trade in ammonia and nitrogen — the critical raw materials for making fertilizer — must also pass through the strait. Without fertilizer, crop yields fall."

#Trump #Iran #war #economy #prices #affordability #gasoline #energy #OilandGas #fertilizer #food
/2

"In the last week alone gas prices have gone up twenty‑six cents a gallon, which is one of the largest weekly increases since the early 2000s."

~ Mary Trump

#Trump #Iran #war #economy #prices #affordability #gasoline #energy #OilandGas
/3

https://www.marytrump.org/p/the-daily-wrap-up-d51

"To put things in perspective: Oil prices are up about 20 percent so far just this week."

~ Catherine Rampell

#Trump #Iran #war #economy #prices #affordability #gasoline #energy #OilandGas
/4

https://www.thebulwark.com/p/trump-iran-warflation-has-just-begun

"Qatar's energy minister has warned that war in the Middle East could 'bring down the economies of the world,' predicting that all Gulf energy exporters would shut down production within days and drive oil to $150 a barrel."

~ Financial Times

#Trump #Iran #war #economy #prices #affordability #gasoline #energy #OilandGas
/5

https://www.ft.com/content/be122b17-e667-478d-be19-89d605e978ea

"Brent crude hits $90 a barrel as Kuwait 'starts cutting oil production.'"

~ The Guardian

#Trump #Iran #war #economy #prices #affordability #gasoline #energy #OilandGas
/6

https://www.theguardian.com/business/live/2026/mar/06/oil-biggest-weekly-gain-four-years-strait-of-hormuz-traffic-halt-stock-markets-dollar-imf-news-updates

"Now we know that there is another reason for nations to reduce their dependence on fossil fuels: security. In a dangerous world, it’s infinitely safer to rely on the sun and the wind than to depend on fossil fuels that must be transported long distances, from nations that are untrustworthy, often exploitative and located in regions that frequently devolve into war zones."

~ Paul Krugman

#Trump #Iran #war #economy #gasoline #energy #OilandGas
/7

https://paulkrugman.substack.com/p/renewable-energy-and-national-security

"The current situation in the Middle East is essentially the worst-case scenario for world energy supplies. Normally around 20 percent of the world’s oil supply transits through the Strait of Hormuz. It’s also a crucial route for shipment of liquefied natural gas and fertilizer. That passage is now effectively closed and there are no good alternatives."

#Trump #Iran #war #economy #gasoline #energy #OilandGas
/8