Why are oil and gas prices so high? US is the world's top oil producer and consumer explained

The US is the world's top oil producer, producing over 13 million barrels daily, but still imports around 6 million barrels due to high domestic demand.

Oil is priced in a global market, so disruptions like the US-Iran conflict affect prices worldwide, even though only 8% of US imports come from the Middle East.

Brent crude rose to $85.92 a barrel on July 14, 2026, after fresh US-Iran military strikes threatened oil supplies through the Strait of Hormuz.

The US-Iran war drove West Texas Intermediate crude from about $67 on Feb. 27 to about $105 on March 30, 2026, due to supply disruption risks.