The conflict in Iran, which began on February 28, 2026, has led to a significant surge in global oil prices, with Brent crude reaching a peak of over $119 per barrel, up from $70 prior to the conflict. Currently, oil prices are fluctuating below $100 per barrel, but the market remains volatile. US Secretary of Energy Chris Wright has indicated that gasoline prices in the United States may stay above $3 per gallon for longer than initially anticipated, with the national average currently at $4.05. This increase is attributed to disruptions in the Strait of Hormuz, a vital route for global energy supply, where nearly 600 million barrels of oil have been affected. Analysts suggest that even if shipping lanes reopen, prices may not drop quickly due to ongoing instability in the region. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, emphasized the broader implications of the conflict on global energy markets, highlighting that the situation could lead to increased costs for essential goods and services worldwide.