Iran war pushes oil to $120, threatening Trump affordability promise

Brent crude oil briefly hit $120 per barrel on March 10 — the highest price since 2022 — as Iran continued threatening to block all tanker traffic through the Strait of Hormuz. The spike put oil on track to add more than one percentage point to consumer prices, directly contradicting Trump's signature economic promise to lower costs. Analysts at Northeastern University and Goldman Sachs warned sustained $100-plus oil would prevent the Federal Reserve from cutting interest rates.