The average gas price in America last night hit $4 a gallon, according to Gas Buddy.

New York Times: “Since the end of February, the average cost of regular gasoline has jumped 35 percent, according to data from the AAA motor club.”

“Seeing gasoline at more than $4 a gallon — when it was below $3 a month ago — could push American drivers to change their spending habits.”

The Economist: “As its tankers keep plying the Strait of Hormuz, Iran is now earning nearly twice as much from oil sales each day as it did before American and Israeli bombs started falling on February 28th.”

“It may be pummelled on the battlefield, but the regime is winning the energy war.”

“Oil prices climbed above $116 per barrel after markets opened Sunday, as Iran-backed Houthi militants fired missiles and drones at Israel over the weekend and promised to continue attacks,” Axios reports.

“The increase came as the war moved into its fifth week, showing little sign of abating despite President Trump’s talk of diplomacy.”

CNN: Brent oil advances as Iran war stretches into fifth week.

“President Trump has been tamping down oil prices by virtue of posts on his Truth Social platform,” the Financial Times reports.

“But there’s one oil shock that eludes the US president’s influence: the rise in the prices of refined products. Diesel and jet fuel have roughly doubled in price since the start of the year. In the US, they now nudge $160 and $174 per barrel respectively.”

CNBC: “The clock is ticking on the U.S.-Israeli war in Iran. The emerging view from oil industry executives and analysts is that the economic and market fallout from the war could escalate sharply if the Strait of Hormuz isn’t reopened within roughly the next one to three weeks.”

“Even then, enough damage may have been done already to leave energy and many other prices higher for longer.”

“These risks haven’t been clearly reflected in some widely followed markets, including stocks broadly and the benchmark Brent crude price. Stopgap measures to soften the blow of the oil cutoff have kept crude prices relatively low in the U.S. and European markets. But when those measures lose their effectiveness in early-to-mid April, analysts warn there will be little the U.S. or other governments can do to keep energy prices from rising dramatically.”

“Oil prices were higher on Friday as President Donald Trump’s move to give Iran a 10-day extension to open the strategically vital Strait of Hormuz failed to soothe supply concerns,” CNBC reports.

Secretary Chris Wright reiterated that the chaos in global energy markets birthed by the U.S.-Iran war would be “short term,” the Wall Street Journal reports.

“But on the stage and sidelines of a global energy conference in Houston, CEOs painted a much bleaker picture: Financial markets aren’t accurately reflecting the gravity of the crisis, the war is crippling the world’s fuel supplies, and the industry’s Middle East operations are at risk.”

Bloomberg: “Trump administration officials are examining what a potential spike in oil prices as high as $200 a barrel would mean for the economy, a sign senior officials are studying the possible fallout from extreme scenarios for the Iran war. ”

Wall Street Journal: “For decades, liquefied natural gas acted as the global economy’s reliable escape valve during energy crises, keeping factories humming and homes warm.”

“Now, LNG has become the battlefield itself.”

“The war in Iran has fractured every node of the regional LNG supply chain… Even if the Trump administration and Iran agree to end the war soon, the consequences for the LNG market will be long-lasting—and even more profound than for oil, experts say.”

“Unlike crude, the world has no major strategic gas reserve to tap in an emergency.”

“We’ve not seen anything like this — there’s been no disruption of this scale in the past. It’s every oil analyst’s study piece or worst nightmare — one that we never thought would happen.”

— BP chief economist Gareth Ramsay, quoted by Politico, on the impact of the Iran War on the oil market.

Financial Times: “Goldman Sachs energy analysts have been notably more optimistic than many of their Wall Street rivals lately. No longer. Judging by a note that the investment bank pushed out yesterday, they’re now throwing in the towel.”

“The main reasons are that Goldman now expects a much longer and more severe disruption to oil exports through the Strait of Hormuz, and that a subsequent rebuild of strategic reserves in many developed countries will bake a ‘security premium’ into longer-term oil prices. ”

“For a glimpse of how much higher energy prices could still soar, look beyond the prices Wall Street analysts normally track for West Texas Intermediate in the U.S. and Brent in Europe,” the Wall Street Journal reports.

“At the center of the supply squeeze in the Middle East, traders are paying an eye-watering $160 a barrel for the Emirati oil that can dodge the Strait of Hormuz, far above those global benchmarks.”

“Those sky-high prices, traders say, are a harbinger of where the rest of the market could be heading if the Persian Gulf isn’t reopened soon. That is because Asian customers are scouring the world for similar varieties of crude to keep churning out diesel and jet fuel.”

New York Times: “An end to the war would abate a geopolitical crisis and most likely help to reopen clogged shipping lanes in the Middle East, nudging down oil and gas prices from their recent highs. But any relief would arrive gradually for most consumers — and probably not fast enough to undo the damage to the U.S. economy.”