Oil prices shot up again because of the war with Iran, tightening their grip on the global economy and sending stock markets sharply lower.
Before the Iran war, the global economy consumed about 101 million barrels of oil a day. Brent crude is trading at over $100 a barrel.
Oil prices are down, and stocks are up, though such moves have been quick to change since the war in Iran began.
President Trump says his administration will tap the Strategic Petroleum Reserve to try and reduce gas prices that have risen due to the Iran war.
The conflict, now in its second week, is ensnaring countries and infrastructure critical to the production and transportation of oil and gas worldwide.
Surging oil prices jolted other financial markets, as share benchmarks in Japan and South Korea plunged more than 5%.
Prices at the pump are going up as a result of the war in Iran, including right here in Nevada.
Worries are particularly high about what will happen to the Strait of Hormuz off the coast of Iran, where roughly a fifth of the world’s oil passes.
Past military conflicts in the Middle East have not caused long-term drops for markets.
AAA says Washoe County has the most expensive gas in Nevada.