The global oil market is experiencing a sharp increase in prices due to the ongoing conflict in Iran. As the Strait of Hormuz is closed and energy facilities are attacked, oil futures have risen by more than 50% to around $112 a barrel. However, the cost of physical barrels of oil is surging even higher, with some products like gasoline, diesel, and jet fuel reaching prices over $200 a barrel. This significant gap between price increases is causing concerns among consumers and affecting the real-world costs of these essential products.
Source: https://www.bloomberg.com/news/articles/2026-03-20/the-oil-prices-you-see-don-t-tell-the-market-s-real-story