Iran War Sends Oil Prices Soaring And Raises Global Recession Fears

The economic impact of the war involving Iran is becoming clearer as oil prices surge and global markets react to supply disruptions, according to Axios. Brent crude briefly climbed near $120 per barrel, marking the sharpest jump since the energy shock following Russia’s 2022 invasion of Ukraine.

Energy costs are rising as Iran threatens shipping through the Strait of Hormuz, a critical route for global oil exports. Analysts estimate the conflict has already disrupted roughly 20 percent of the world’s oil supply, Axios reported, citing Rapidan Energy president Bob McNally.

The Iran war's economic blowback is getting real https://t.co/Iuy6ANWAq2

— Axios (@axios) March 9, 2026

The spike is expected to drive gasoline prices higher in the United States. GasBuddy analyst Patrick De Haan said there is an 80 percent chance the national average gas price could reach $4 per gallon within a month.

Stock markets have also reacted sharply. Japan’s Nikkei index dropped more than 5 percent, while U.S. futures signaled continued losses. President Donald Trump said higher oil prices are a short-term cost for long-term security.

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