US crude oil hits highest price since 2024 as Iran war roils markets
US crude oil climbed by more than 8.5% in afternoon trading Thursday, pushing the price of benchmark West Texas Intermediate crude above $81 at points, a level it hasn’t seen since the summer of 2024.
The price spike is hammering energy-sensitive stocks like airlines and consumer staples, and driving outperformance among oil and gas companies. Energy is already the S&P 500’s top-performing sector by far in 2026.
In a March 5 note, analysts from S&P Global Energy CERA wrote:
“The scale and duration of a price spike will depend on how much oil is kept off the market — and for how long — due to danger in the strait, higher shipping insurance rates or damaged Gulf infrastructure.”
US prices at the pump are already surging, rising an average of $0.27 to $3.25 per gallon, a 9% rise in just a single week, according to new data collected by AAA.
In a March 5 note, analysts from S&P Global Energy CERA wrote:
“The scale and duration of a price spike will depend on how much oil is kept off the market — and for how long — due to danger in the strait, higher shipping insurance rates or damaged Gulf infrastructure.”
US prices at the pump are already surging, rising an average of $0.27 to $3.25 per gallon, a 9% rise in just a single week, according to new data collected by AAA.
