this post was submitted on 02 Apr 2026
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White House officials are bracing for oil prices to surge past the $150-a-barrel mark as the Iran war stretches into its second month and the Strait of Hormuz remains largely closed, according to a new report.

In recent weeks, the average cost of a barrel of crude has hovered around $100, a figure that the Trump administration now sees as the new “baseline,” though a potential spike to $200 hasn’t been ruled out, a source familiar with the matter told Politico.

As a result, officials have entered “all hands on deck” mode, urgently evaluating options to tame soaring oil prices — which pushed gas above $4 a gallon this week and risks inflating costs across the broader economy.

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[–] protist@retrofed.com 48 points 19 hours ago (2 children)

The best part is that even if everything in the Strait were to return to normal tomorrow, the oil price shock is just barely beginning to filter through the system, so there's absolutely nothing Trump can do to stop what he caused.

[–] lemmyng@lemmy.world 3 points 8 hours ago

"there's absolutely nothing Trump can do to stop what he caused."

Assuming he won't just abandon it and make it someone else's problem, like he does with literally everything else he touches.

[–] empireOfLove2@lemmy.dbzer0.com 23 points 17 hours ago (2 children)

Oh yeah. Global logistics with slow-boat tankers are scheduled multiple months in advance to keep the machine flowing. With every single route now completely thrown awry, there's no going back for at least a year.

[–] CileTheSane@lemmy.ca 1 points 3 hours ago

At which point gas stations will just keep prices the same as people have gotten used to it and blamed Trump for it.

[–] Aceticon@lemmy.dbzer0.com 7 points 9 hours ago* (last edited 9 hours ago)

And then there is the whole inflation feeding through into Fertilizers (mainly from higher Natural Gas prices rather than Oil prices), in turn feeding through into Food prices, all of which carries even long delays to fully emerge in consumer prices because of the time food takes to grow (more so if you think cattle since fertilizer prices indirectly push costs up through the increase in feed prices, so there's even more delay there than for something like corn).

Just the first month of war has baked in many months of rising Inflation.