The Journal. Will Gas Prices Go Up Because of the Iran War?
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Mar 4, 2026 
Harriet Torry, WSJ reporter on the U.S. economy, explains how global oil swings filter into U.S. pump prices and inflation. Rebecca Fung, WSJ energy and markets reporter, walks through Strait of Hormuz disruptions, insurer pullbacks, and regional strikes. They discuss tanker traffic paralysis, market sentiment shocks, and scenarios that could push oil much higher.
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Strait Of Hormuz Closure Threatens Global Oil Flow
- Closing the Strait of Hormuz is a doomsday scenario because roughly a fifth of the world's oil (about 20 million barrels daily) moves through it on a normal day.
- Rebecca Fung reported traffic averages ~140 daily crossings including skyscraper-sized tankers, so closure immediately chokes global oil flow.
Traders Stayed Overnight Monitoring The Crisis
- Traders stayed overnight to monitor markets as the conflict began, reflecting panic and nonstop work by brokers tracking oil shipments.
- Rebecca Fung described a trader who went into the office at 11 p.m. Sunday and stayed until Monday night to watch developments.
Insurer Pullbacks And Threats Paralyzed Tanker Traffic
- Attacks and Iranian warnings paralyzed shipping as insurers pulled high-risk coverage and Iran threatened to 'set ships ablaze,' leaving vessels to sail uninsured or stay put.
- Multiple attackers and insurer cancellations reduced traffic to a trickle and left at least eight tankers hit near the strait.