Fuel

Trump made the comments at a Cabinet meeting in the White House, elaborating on what he had previously described as an energy-related "present" from Iran.

United Airlines modeled a worst-case scenario in which prices reach $175 per barrel.

Asia is at the frontline of the fuel crisis, buying more than 80% of the crude that transits the Strait of Hormuz, which has been almost totally blocked by Iran since the war broke out in February.

A New York Times report revealed that Asian countries are entering an energy crisis due to the closure of the Strait of Hormuz, while Western nations will feel the economic effects of the war.

"The measure is intended to help maintain a continuous, adequate and accessible fuel supply, while allowing limited flexibility for sectors that may be affected," the DOE said.

For the biggest US carriers, which do not hedge against oil price rises, the shock is showing up mainly in the fuel bill, with jet fuel prices nearly doubling since the conflict began.

Iran’s blockade of the Strait of Hormuz has three levels: the political, the military, and the economic. The political part is the strongest, and the economic part is the weakest.

The pre-Passover shopping season begins, highlighting a key trend: Expensive and complex products, led by electrical appliances, are rapidly moving into food retail chains.

Iran's UN Ambassador also said that Tehran would not close the Strait of Hormuz, adding that it was Iran's right to preserve the security of the key shipping route.

IEA member states approved the release of 400 million barrels from strategic oil reserves to mitigate the impact of a potential Iranian blockade of the Strait of Hormuz.