Oil prices have surged above $100 a barrel for the first time in nearly four years as the war in the Middle East disrupts global energy supplies. The conflict has nearly blocked the Strait of Hormuz, through which one-fifth of the world's oil flows, and forced refineries in the region to shut down or reduce processing. International oil prices have climbed 50 percent since late February, triggering sharp increases in fuel costs worldwide.

Despite the United States becoming the world's largest oil and natural gas producer, American consumers are still feeling the pain at the pump. Gasoline prices, which had fallen considerably in recent years, are climbing again, creating political risk for President Trump as economic concerns mount. The disruption follows Russia's invasion of Ukraine in 2022, which caused similar energy market turmoil. Qatar has halted natural gas exports citing military attacks, sending prices soaring in Europe and Asia.

The crisis highlights how oil remains a potent geopolitical tool even as the world transitions to renewable energy. While clean energy investments now account for two-thirds of global energy spending, the world still consumes nearly twice as much oil as in the 1970s. Experts say the conflict may accelerate renewable adoption in energy-importing regions while reinforcing fossil fuel dependence in energy-rich nations like the United States.