← March 18, 2026 briefingEconomy
Oil Shock Hits $150 as Democrats Push Windfall Tax
The closure of the Strait of Hormuz has triggered crude oil prices to surge past $150 a barrel for Oman crude, creating a growing dislocation between global benchmarks and the actual cost of physical supply. Democratic lawmakers and progressive groups are pushing for a windfall tax on major fossil fuel companies cashing in on the war, while Trump has reopened a California pipeline shut since a 2015 oil spill to boost domestic supply. The International Energy Agency has called it the largest-ever disruption to global fuel supply.
