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Currently Playing: How high will the U.S.-Israel war with Iran push gas prices? | About That

Oil and gas prices are rapidly rising around the world amid the U.S.-Israel war with Iran. Andrew Chang explains what's driving the surge and why predicting the next moves in the oil market is so difficult. CORRECTION (March 11, 2026): At 2:36 in this video, the graphic incorrectly states Iran holds 298 billion barrels of oil reserves. The correct number is 209 billion. Intro - 00:00 The ‘Strait’ math - 02:17 The price of everything - 05:44 CORRECTION (March 11, 2026): At 2:36 in this video, the graphic incorrectly states Iran holds 298 billion barrels of oil reserves. The correct number is 209 billion. Images provided by The Canadian Press, Reuters and Getty Images »»» Subscribe to CBC News to watch more videos: http://bit.ly/1RreYWS For breaking news, video, audio and in-depth coverage: https://www.cbc.ca/news Follow CBC News on TikTok: https://www.tiktok.com/@cbcnews Subscribe to CBC News on Snapchat: https://bit.ly/3leaWsr Subscribe to CBC News on WhatsApp: https://www.whatsapp.com/channel/0029Vb6MSjH9Bb63S9tbQa1Y Download the CBC News app for iOS: http://apple.co/25mpsUz Download the CBC News app for Android: http://bit.ly/1XxuozZ »»»»»»»»»»»»»»»»»» For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.