Oil prices whipped from their highest price since 2022 back below $100 US per barrel during a volatile day for markets as the U.S. and Israel's war on Iran threatened production and shipping in the Middle East and strained energy supplies worldwide.

The Strait of Hormuz, through which roughly one-fifth of the world's oil and liquefied natural gas typically passes, is virtually shut.

The move comes as the Iran war continues to choke off traffic through the strategically vital Strait of Hormuz.

Since the Iran War began, the average price for regular gasoline is now up 75 cents in Florida and 54 cents nationally as of Tuesday, March 10, 2026.