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Jul 23, 2026strikeUnverifiedUSIsraelIranRussia

Gas, groceries and back-to-school items are where shoppers might see higher oil prices surface

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Oil prices exceeded $100 per barrel on Thursday amid ongoing military actions and regional instability affecting Middle East supplies, according to market reports. Brent crude, the international benchmark, last reached this level in May following a period of lower prices in June.

Sectors including food production and shipping have cited prior energy cost increases, with some businesses indicating they may pass on expenses to consumers.

Location: Strait of Hormuz

CATHY BUSSEWITZ, MAE ANDERSON and ANNE D'INNOCENZIO, AP Business Writers

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Gas, groceries and back-to-school items are where shoppers might see higher oil prices surface

Gas, groceries and back-to-school items are where shoppers might see higher oil prices surface