As the broader war in the Middle East begins its third week, worries over the fallout of crippled energy supplies continue to roil markets.

For Americans, surging oil prices mean spending more at the pump. The national average price for gasoline hit $3.69 on Sunday.

U.S. stock-index futures reversed early losses on Sunday as the market braced for more volatility in oil prices this week, with the conflict with Iran threatening to escalate further.

Net retail buying of oil ETFs hit a record $211 million on March 12, surpassing the previous peak seen during the market turmoil in May 2020, according to Vanda Research.

By Florence Tan and Jeslyn Lerh SINGAPORE, March 16 (Reuters) - Oil prices rose on Monday as investor focus returned to threats facing Middle East oil facilities, despite U.S. President Donald Trump's call for nations to help safeguard the Strait of Hormuz,

The price of oil rose to its highest level since July 2022 Sunday evening as the Trump administration suggested the war with Iran could last several more weeks and President Donald Trump called on the international community for help reopening the Strait of Hormuz to oil tankers.

There is no short-term fix for the quagmire in Iran and high oil prices. Add uncertainty about jobs and inflation and there might be a recession in the near future.

The move is likely to be a boon to Russia as the United States tries to stem the economic fallout from its war on Iran as the price of crude has soared.

The worst global oil crisis in decades could become a major problem for the Federal Reserve, whose policymakers meet this week to determine the next moves for the US economy.

The US struck military sites on Kharg Island, from which Iran exports almost all its oil, for the first time overnight, upping the ante in a Middle East war that’s raged for more than two weeks and shows little sign of easing.

U.S. gas prices are surging as the Iran war drives up the global cost of oil. But what exactly accounts for what you pay at the pump?