When oil prices spike, where does the money go?

By Matthew E. Oliver, Associate Professor of Economics, Georgia Institute of Technology
Tibor Besedeš, Professor of Economics, Georgia Institute of Technology

The market for oil is global, which is why events like the war in Iran affect oil prices – and prices of the wide range of products made from oil – literally everywhere. Federal data shows that the price at the primary crude oil hub in the U.S. was US$66 a barrel in late February 2026 – before the U.S. and Israel attacked Iran – and $101 a barrel on April 13. Similar price increases have reverberated around the globe.

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