Oil prices keep rising as Trump seeks coalition to reopen Strait of Hormuz
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The Bottom Line
Oil prices are rising above $106 per barrel as Trump builds a coalition to reopen the Strait of Hormuz.
How This Affects You
Gas prices at the pump will likely increase as oil costs climb above $106 per barrel.
AI Summary
Oil prices continue to climb, with Brent crude surpassing $106 per barrel, as President Trump works to build a coalition aimed at reopening the Strait of Hormuz. Markets are responding to concerns over the ongoing halt of traffic through the strategically important waterway.
What's Being Done
President Trump is working to build a coalition to reopen the blocked Strait of Hormuz.
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PoliticsOil prices climb despite Trump moves to temper market
<p>Oil prices rose over $3 per barrel Sunday in the first major trading since President Trump's <a href="https://www.axios.com/2026/03/13/iran-strike-trump-us" target="_blank">threat</a> to strike Iran's main oil export hub unless the regime allows tankers through the Strait of Hormuz.</p><p><strong>Why it matters: </strong>The climb shortly after the markets' opening signals that traders see no major near-term market loosening or end to a conflict that has brought an unprecedented throttling of oil flows.</p><hr><ul><li>U.S. gasoline, diesel and home fuel oil prices are slated to see continued increases.</li></ul><p><strong>Driving the news:</strong> The global benchmark Brent crude jumped to over $106 per barrel, over $3 above Friday's close.</p><ul><li>It's up 46% since the U.S. strikes began.</li><li>Average U.S. regular gasoline prices are $3.70 per gallon on Sunday, up roughly 70 cents during the war, per AAA.</li></ul><p><strong>Friction point: </strong>Trump said Friday that...
PoliticsExclusive: Trump reviews options to curb energy prices as Iran strikes roil markets - Reuters
<a href="https://news.google.com/rss/articles/CBMiugFBVV95cUxQT0Z5U1Z0Tkp2RmVmdGlWMWRuVm5GaXdER25ZdnA3X0V5eHBZTlI2YlhWWmlDME9mblVaV2JZNFh5QVJiTDAxRlpMNWRqbUNWLXN0V0pJUTB4NWEtX3V2Q3hYN0hoSDFkOVQ5MzlFVm5fbnBoZ3lZNkVsRElDVk8tcU9wdktDb2xfRzlpc1F1bU5kU1R1bjZQZkNWSGdwZjRiem9LU0JhMlUzSnYxM1pzZVlRQko3Z2FBa3c?oc=5" target="_blank">Exclusive: Trump reviews options to curb energy prices as Iran strikes roil markets</a> <font color="#6f6f6f">Reuters</font>
PoliticsTrump a lot more concern about how war and oil prices will affect midterms
Since the war has started, fourteen ships have been hit in the Strait of Hormuz, as Iran vows to carry out an 'oil blockade'. Although oil prices have gone down after sharply increasing, concern remains. French President Emmanuel Macron is calling on G7 leaders to work together to reestablish 'freedom of navigation' in the region as soon as possible. FRANCE 24's Philip Turle looks at the politics of this crisis, and the US strategy.
FinanceMost U.S. stocks fall as oil prices get back to rising
Since the start of the Iran war, sharp moves for oil prices have triggered swings up and down for financial markets worldwide, sometimes by the hour.
GlobalTrump Seeks to Calm Oil and Gas Markets but Says Iran War Will Go On
The president said the U.S. could accompany tankers through the Strait of Hormuz if necessary to keep oil flowing. “We’ve already won in many ways, but we haven’t won enough,” he said.
FinanceU.S. gas prices still rising despite stabilized crude oil prices
The war with Iran continues to impact energy prices globally with Americans seeing another rise on prices at the pump. Patrick De Haan, head of petroleum analysis for Gas Buddy, joins CBS News to discuss.
US and Iran Keep Up Strikes as Trump Mulls Possibility of a Deal - Bloomberg.com
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