Oil prices climb as US and Israel's war with Iran enters third week

Oil futures climbed on Sunday as the US and Israel's war with Iran entered its third week, disrupting the global supply chain. Brent oil reached $106.33, up nearly $3 from when the market closed on Friday, and West Texas Intermediate hit $101.19. The near closure of the Strait of Hormuz continues to disrupt shipments, and higher oil prices mean higher prices for Americans at the pump and in other goods.

The national average price for gasoline hit $3.69 on Sunday, pushing gas prices above $3 in all 50 US states for the first time since 2023. The International Energy Agency said the war has caused the largest oil market disruption in history and that global oil supply will drop by 8 million barrels per day in March.

Kevin Hassett, the US director of the National Economic Council, told CBS News' "Face the Nation" that the US is working to minimize the fallout for American consumers. "The big problem right now would be energy prices, and we're watching and monitoring closely," Hassett said.

United States

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