Featured Market Data
Supply Shock Drives Up Oil and Gas Prices
The closing of the Strait of Hormuz has removed roughly 20 million barrels per day of crude and refined oil products from global trade. This supply shock has increased oil prices sharply to over $100 per barrel with gas prices also rising above $4.00 per gallon nationwide ahead of the summer travel season. This initial increase is likely to create near-term price pressure as higher transportation and electricity costs flow through supply chains into other goods and services. The duration of the conflict and persistence of higher oil prices will be key factors in the months ahead. We are closely monitoring whether these pressures begin to weigh on broader consumption, and ultimately, employment and growth.
Source: Bloomberg, FactSet as of 3/31/26
