Oil Market Panics More Than Us Trying To Navigate The Strait of Hormuz
KEY POINTS
- •Military strikes against Iran have caused Brent crude prices to surge $16, reaching about $88 per barrel as of March 6.
- •U.S. average gasoline prices rose 32 cents this week to $3.32 per gallon, marking the fastest four-day increase since Hurricane Katrina.
- •The Trump administration granted a 30-day sanctions waiver for Indian refiners to purchase stranded Russian oil, but analysts say this mainly benefits Russia.
Forget Ukraine, says Brookings economist Robin Brooks on March 6—this Strait of Hormuz fiasco is 'an order of magnitude bigger' for oil, making Brent crude leap $16 to about $88 a barrel since military strikes on Iran kicked off. Meanwhile, U.S. gas prices surged 32 cents in a week to $3.32 a gallon, clocking their fastest four-day jump since Hurricane Katrina’s aftermath, per Schwab’s Kevin Gordon. In a plot twist no one saw at a Fox & Friends gas party, Energy Secretary Chris Wright vows prices will drop in 'weeks, not months,' while Treasury clumsily hands India a 30-day waiver to buy stranded Russian oil. Analysts call that waiver a 'win for Russia,' like gifting a bear a honey jar and expecting no sting. Saudi Aramco’s Red Sea boost is so tiny it’s basically an aesthetic adjustment. All this drama unfolds as markets pray for the Strait to re-open, because apparently, geopolitics and price spikes go together like oil and more oil.
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(1 of 3)Strait of Hormuz shutdown has oil prices racing like they just heard gas is a new crypto. Treasury's 30-day Russian oil pass: 'Oops, did we just cash a Russia check?'. Saudi's Red Sea shipments = the world's smallest Band-Aid on a blowout.
Oil prices soaring higher than my GPA in college sophomore year when ramen was life and sleep was optional. Treasury waives sanctions like it's Black Friday for Russian oil shoppers.
Trump admin’s solution to skyrocketing gas: let India hoard stranded Russian barrels. That’s like putting a band-aid on a bullet wound filled with gasoline.
Source: Axios | Published: 3/6/2026 | Author: Ben Geman
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