Oil passes $100 a barrel as US energy secretary says Iran won't be a 'long-term war'

Summary: Oil prices just hit over $100 a barrel for the first time in almost four years. This happened after the US and Israel launched airstrikes on Iran, causing Iran to block the Strait of Hormuz. This narrow waterway is super important because 20% of the world's oil passes through it. Because ships can't get through, countries like Iraq have had to cut their oil production by 60%, and gas prices in the US jumped from $2.93 to $3.40 in just over a week. However, US Energy Secretary Chris Wright is telling Americans not to panic. He went on Sunday news shows to say this is just a "temporary movement" and not a long war. He believes ships will start moving again in a few weeks and gas prices will drop back below $3 a gallon soon.

For more details, see insider at businessinsider.com/gas-prices-oil-iran-energy-chris-wright-2026-3 (opens in new tab)