When oil prices spike, where does the money go?

GEORGIA: (Apr 21) 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 US was USD66 a barrel in late February 2026 – before the US and Israel attacked Iran – and USD101 a barrel on April 13. Similar price increases have reverberated around the globe.

As an energy economist and an international trade economist, we field a lot of questions during such episodes, because when oil prices go up, manufacturers, businesses and ultimately consumers pay more.