An end to the Iran war will bring immediate relief to oil and natural gas markets, but it could take months before prices fall back to the levels they stood at before the conflict started. The war has also shuttered many oil and natural gas facilities, and resuming production could take several weeks. Oil prices might then stabilize but would likely remain at $75-80 for the rest of the year, he said. For context, a barrel of Brent crude oil was trading at $73 before the United States and Israel attacked Iran on February 28. In the United States, gasoline prices have surged in recent weeks as a result of higher oil prices.

Source: Egypt Independent March 24, 2026 14:54 UTC