WTI crude oil approached $94 per barrel on September 9, 2026, rising 47% year-over-year amid escalating tensions between Washington and Tehran in the Strait of Hormuz. Gas prices hit $4.15 per gallon on Labor Day, while Donald Trump had promised $3 or even under $2 in the long run. The conflict, which began on February 28, 2026 with Iran’s closure of the strait, has claimed 19 sailors’ lives and seen 74 ship attacks according to the US Naval Institute, with maritime traffic now down to roughly ten vessels per day from over one hundred before the crisis.
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