Are Oil Price Spikes Good for the US?

Brian Albrecht March 19, 2026

Economic Forces View Original Source

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Brent crude hit $118 a barrel today for obvious reasons: a supply shock. The Strait of Hormuz, through which roughly 20 percent of the world’s seaborne oil normally flows, has been closed since the U.S. and Israel struck Iran in late February. Tanker traffic is down 70 percent.

A lot of news stories have turned that into a discussion about inflation and recessions. I think we need to be careful about how we think about this, especially if we are just thinking about the U.S. economy.

Read the full piece here.