WASHINGTON, March 16, 2026 (Reuters) — The United States could emerge as one of the biggest beneficiaries of soaring global energy prices triggered by the ongoing US-Israeli war against Iran, the Financial Times reported, citing estimates from investment bank Jefferies.
Crude oil has already surged past $100 per barrel amid fears of prolonged disruption in the Middle East. If prices remain elevated throughout the year, American energy companies could see a windfall of $63.4 billion from oil production, according to research firm Rystad Energy.
Brent crude, the international benchmark, spiked more than 30 percent last Sunday, briefly topping $119 per barrel. Analysts warn that if the Strait of Hormuz remains closed to US and Israeli vessels, prices could climb to $150 or even $200 per barrel, The Economist noted.
President Donald Trump, who previously emphasized keeping energy costs low, shifted tone in a Truth Social post on Thursday: “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money.”
The closure of the Strait of Hormuz has already stranded more than 1,000 cargo ships, mainly oil and gas tankers, according to The Guardian. Trump’s administration is struggling to outline a clear plan for reopening the critical waterway.
While surging oil prices are driving up gasoline, diesel, and consumer goods costs in the US, the country’s position as a leading oil producer may cushion the economy from the worst effects, The Wall Street Journal reported.