Oil prices rise fourfold, oil companies laugh all the way, the government investigates monopolies, and ordinary people bear the inflation—this script feels familiar.

As the conflict between the U.S., Israel, and Iran escalates, oil and gas prices have soared. Major oil companies posted robust second-quarter profits, drawing dissatisfaction from governments worldwide. Trump and European political figures accused the big oil firms of manipulating prices and ordered investigations. Oil prices surged fourfold due to strikes on Iran, while a blockade of the Strait of Hormuz further pushed them higher. Although it has not reached the 2022 peak, government finances are more fragile. U.S. gasoline prices have surpassed $4 per gallon, and if the conflict continues, it could trigger an economic recession.