Oil markets are bracing for $100 barrels and a redux of a 1970s-era crisis but 'three times the scale,' analyst warns

A woman stands with her hand on her hip as she pumps gas into her car. (Credit: Lori Van Buren/Albany Times Union—Getty Images)

The U.S. and Israeli strike on Iran over the weekend has caused traffic disruptions to key trade passages like the Strait of Hormuz, escalating concerns of oil export blockages—and a potential repeat of the oil shock of the 1970s.

Oil prices spiked above $70 per barrel on Monday, while the international standard Brent crude hit $79. A key oil exporter, Iran shipped out an estimated 1.9 million barrels of crude per day, according to International Energy Agency data from December 2025.