{"id":71181,"date":"2026-03-19T20:10:15","date_gmt":"2026-03-19T20:10:15","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/oil-prices-could-reach-record-highs-heres-what-it-could-mean-for-the-u-s-economy\/"},"modified":"2026-03-19T20:10:15","modified_gmt":"2026-03-19T20:10:15","slug":"oil-prices-could-reach-record-highs-heres-what-it-could-mean-for-the-u-s-economy","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/oil-prices-could-reach-record-highs-heres-what-it-could-mean-for-the-u-s-economy\/","title":{"rendered":"Oil prices could reach record highs. Here&#8217;s what it could mean for the U.S. economy."},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p>Intensifying violence in the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/us-iran-tensions\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">Middle East<\/a><\/span>\u00a0could send oil prices careening above their all-time high, raising the risk of higher inflation and slower economic growth, experts said.<\/p>\n<p>&#8220;The biggest hit will be the consumer,&#8221; said Ryan Sweet, a chief global economist at Oxford Economics. &#8220;To kind of put it into context, every penny increase in gasoline prices reduces consumer spending by one and a half billion dollars over the course of a year.&#8221;<\/p>\n<p>Brent crude briefly topped $119 a barrel on Thursday after <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/live-updates\/iran-war-israel-strike-south-pars-gas-field-trump-threat-oil-gas-prices\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">fresh attacks on energy infrastructure<\/a><\/span>, and analysts say prices could climb much higher if supply disruptions worsen \u2014 a shift that would push up gas prices, squeeze household budgets and ripple across the broader economy.<\/p>\n<p>Consumers are already feeling the impact at the pump, where average gasoline prices are now almost $1 higher than they were before the war started. On Thursday, prices reached $3.88 per gallon, according to data from\u00a0<a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"nofollow noopener\">AAA<\/a>. At the same time, the cost of\u00a0<a href=\"https:\/\/www.cbsnews.com\/chicago\/video\/air-travel-more-expensive-since-start-of-war-in-iran-money-watch\/\" target=\"_blank\" rel=\"nofollow\" data-invalid-url-rewritten-http=\"\">jet fuel is rising<\/a>, leading some carriers to hike their ticket prices.<\/p>\n<p>Oil prices hit record highs in July 2008, when both Brent and<strong>\u00a0<\/strong>West Texas Intermediate, the U.S. benchmark, reached around $145 per barrel, or about $215 a barrel on an inflation-adjusted basis, according to data from FactSet.<\/p>\n<p>To be sure, that inflation-adjusted figure remains well above current levels. Yet oil could eventually top $200 a barrel if the conflict drags on, TD Securities said in a research note last week.<\/p>\n<h2>U.S. insulated, but not immune<\/h2>\n<p>If oil prices approach 2008 levels, experts say Europe and Asia could experience a mild economic contraction, but the U.S. likely won&#8217;t dip into a recession. The U.S., they explain, is more insulated from global energy spikes, given that the country is a <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-us-oil-iran-war\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">top oil producer<\/a><\/span> and because less consumer spending goes toward energy production.<\/p>\n<p>&#8220;I think the U.S. stands better than most,&#8221; Samuel Tombs, a chief U.S. economist at Pantheon Macroeconomics, told CBS News.<\/p>\n<p>Still, even if the U.S. dodges a recession, the economy is not immune to disruption.<strong>\u00a0<\/strong>If Brent oil prices rise to $140 per barrel and remain there for two months, U.S. layoffs could rise as companies cope with higher costs, pushing up the jobless rate, according to a March 11 Oxford Economics research note.<\/p>\n<p>&#8220;This is when you start getting concerned about that vicious cycle,&#8221; he said. &#8220;Businesses start to lay off workers, and then that also hits consumption.&#8221;<\/p>\n<p>Sweet said the stock market could fall, leading higher-income households to pull back on spending. Lower-income households would bear the brunt of rising gas prices, forcing some to cut back on discretionary spending, he added.<\/p>\n<p>&#8220;The concern is the knock-on effects, including what it means for the U.S. stock market, because consumer spending is concentrated [among] higher-income households,&#8221; he said.\u00a0<\/p>\n<h2>Inflationary risks<\/h2>\n<p>Economists say rising oil prices could also inject inflationary pressure into the U.S. economy as shipping costs rise.<\/p>\n<p>&#8220;Even though the U.S. imports very little through [the Strait of Hormuz], it&#8217;s still causing some bottlenecks in the global supply chains that could also be inflationary,&#8221; Sweet said.<\/p>\n<p>A recent analysis from Pantheon Macroeconomics found that if oil prices increase to $150 per barrel and stay at that level for three months, the Consumer Price Index could jump to an annual pace of 6%, up from 2.4%\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cpi-report-today-february-2026-inflation-iran-war-trump\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">recorded in February<\/a><\/span>.<\/p>\n<p>Experts have warned consumers could start to see higher food prices, as the conflict drives up the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/diesel-prices-5-dollars-gallon-economic-impact\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">price of diesel<\/a><\/span>, the fuel used by trucks and barges that transport U.S. goods. Earlier this week, diesel surpassed <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/diesel-prices-5-dollars-gallon-economic-impact\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">$5 a gallon<\/a><\/span> for the first time since 2022.<\/p>\n<p>&#8220;Even if oil prices stabilize, the persistence of higher freight costs, longer shipping routes, and insurance costs can keep delivered prices elevated for fuel and intermediate goods,&#8221; Ramnivas Mundada, director of Economic Research and Companies at GlobalData, said in a research note on Thursday. &#8220;That combination increases the likelihood that inflation proves stickier than expected.&#8221;<\/p>\n<h2>Can consumers weather the shock?<\/h2>\n<p>Experts said <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-iran-war-tax-refunds-stanford\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">larger tax refunds<\/a><\/span>, which are up this year due to the &#8220;<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/whats-in-trump-big-beautiful-bill-senate-version\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">big, beautiful bill<\/a><\/span>&#8221; act, will help consumers weather some of the cost increases related to the Iran war.\u00a0<\/p>\n<p>The nonpartisan Tax Foundation estimates the average tax refund will be $748 \u2014 roughly equal to the additional fuel costs the typical U.S. household\u00a0<span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/gas-prices-iran-war-tax-refunds-stanford\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">will face this year<\/a><\/span>\u00a0due to higher gas prices.<\/p>\n<p>&#8220;Households do still have a reasonable amount of savings to get through a temporary period of higher energy prices,&#8221; Tombs said.<\/p>\n<p>The longer the conflict drags on, the more financial risk it poses to U.S. consumers.\u00a0<\/p>\n<p>&#8220;The U.S. consumer can weather a couple of weeks of high energy prices, but with each passing month the economic costs really begin to mount,&#8221; Sweet said.<\/p>\n<section class=\"content__body--footer\">\n<p class=\"content__meta--editors\">\n      Edited by<\/p>\n<p>                                  <a href=\"https:\/\/www.cbsnews.com\/team\/aimee-picchi\/\" class=\"byline__author__link\" data-invalid-url-rewritten-http=\"\">Aimee  Picchi<\/a>\n                      <\/p>\n<\/section>\n<p>  <!-- data-recirc-source=\"queryly\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  \">\n        <\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/oil-prices-record-high-middle-east-conflict-inflation\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Intensifying violence in the Middle East\u00a0could send oil prices careening above their all-time high, raising the risk of higher inflation<\/p>\n","protected":false},"author":1,"featured_media":71182,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[2304,730,957,1528],"class_list":["post-71181","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories","tag-consumer-price-index","tag-economy","tag-inflation","tag-iran"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil prices could reach record highs. 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