Axios

Pressure is mounting on President Trump to tap the Strategic Petroleum Reserve, the world's largest emergency oil stockpile, as gas prices surge in response to the Iran war.

Why it matters: The stockpile sits near its lowest levels in decades, limiting the government's cushion if the conflict drags on.

More than a dozen countries were drawn into the Iran war in its first week, and more appear to be on the cusp.

The big picture: If major powers like China or Russia step in beyond the margins, the regional conflict risks widening into something far more dangerous — a direct U.S.-Russia confrontation by proxy, or a global energy crisis that forces Beijing's hand.

The Iran conflict has a new economic front: oil topping $100 a barrel, with a near-immediate impact for drivers, travelers and grocery shoppers — while the benefits will flow more slowly to a handful of oil patch states.

Why it matters: Americans were already fed up with high prices. The effects of a widening conflict will ripple across the economy, with uncertainty about how high prices will rise and how long the surge will last.

The Iran war has cast a sharp spotlight on the global economy's reliance on the Strait of Hormuz.

Why it matters: The strait is a chokepoint for critical global commodities — and prices for oil, gas, plastics and fertilizers are already surging on fears of war-related disruptions.

No matter how long the current Middle East upheaval lasts, it could spark or accelerate lasting changes to global energy flows and policies.

Why it matters: Analysts are starting to look beyond the immediate market shock — which is indeed quite shocking.

The role of Dubai as a global finance hub and favored landing spot for the global elite faces its first big test in the Iran war.

The big picture: Dubai is the flagship city of oil power United Arab Emirates, but the war is fueling economic repercussions well beyond energy.

Oil prices on Sunday crossed into triple digits for the first time since 2022 — a stark sign of how the Iran war is throttling global supplies and raising consumers' costs.

Why it matters: The psychologically important $100-a-barrel mark is going to increase pain for consumers, many of whom don't support the war and didn't have any real warning that it was coming.

Mojtaba Khamenei will succeed his father, Ali Khameni, as Iran's next supreme leader, Iranian state media reported Sunday.

Why it matters: The move consolidates hardline control even as U.S. and Israeli strikes pound the country.

Israel's strikes on 30 Iranian fuel depots Saturday went far beyond what the U.S. expected when Israel notified it in advance, sparking the first significant disagreement between the allies since the war began eight days ago, according to a U.S. official, Israeli official and a source with knowledge.

Why it matters: The U.S. is concerned Israeli strikes on infrastructure that serves ordinary Iranians could backfire strategically, rallying Iranian society to support the regime and driving up oil prices.

Senate Minority Leader Chuck Schumer (D-N.Y.) on Sunday called on President Trump to release oil from the national stockpile to counter soaring gas prices — an idea that Republicans have been slow to embrace.

Why it matters: Tapping the Strategic Petroleum Reserve (SPR) could deprive Republicans of a talking point: That then-President Biden's move to do so in 2022 was done for purely political reasons.