Iran War Cost-of-Living Shock Deepens: Oil Tops $100 as Freight and Food Costs Rise
Brent crude stayed above $100 a barrel Friday after the IEA called the Iran war the biggest oil-supply disruption ever, with global supply set to fall by 8 million barrels per day in March. Over 100 container ships are stranded near the Strait of Hormuz. U.S. gasoline prices hit $3.60 a gallon. China began releasing fertilizer reserves early, and airlines raised fares as jet fuel prices doubled.