Trade and Fuel Disruptions Amid Iran Conflict
Published March 13, 2026
Ongoing conflict involving Iran is creating uncertainty for global energy markets and trade. Oil prices, which had declined to about $60 per barrel in December, have climbed to nearly $100 per barrel since the conflict began.
Fuel prices are also rising domestically. According to AAA data, the average price of diesel in California has increased to $6.20 per gallon, up from $5.03 one month ago.
Much of the concern centers around the Strait of Hormuz, a narrow waterway along Iran’s southern border that connects the Persian Gulf to the Indian Ocean. Roughly one-third of global oil shipments pass through this corridor, where several vessels have reportedly been attacked in recent days.
In response to the disruptions, the International Energy Agency announced Wednesday that it will release 400 million barrels of oil from its strategic reserves. The release is intended to stabilize markets and ease supply disruptions across its 32 member countries, which include nations in Europe, the Americas and parts of Asia.
Staff contact: Matthew Viohl, mviohl@cfbf.com.
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