Gas Prices Soar as Iran War Strains Global Oil Market
The joint U.S.-Israel military campaign against Iran, now in its third week, is causing significant disruption to global energy markets, sending gasoline prices soaring for American consumers. According to AAA, the national average for a gallon of regular gas has jumped to $3.79, a steep increase from the $2.98 average seen before the conflict began on February 28. Diesel prices have climbed even more sharply, nearing $5 per gallon. The international benchmark for oil, Brent crude, has surged nearly 50% to over $100 a barrel. The price spike is being driven by a series of escalating attacks on critical energy infrastructure. Iran has targeted facilities in the United Arab Emirates, setting a gas field ablaze and striking a tanker near the vital Strait of Hormuz, a key chokepoint for global oil transport. These actions have ramped up fears of prolonged supply disruptions. President Trump exacerbated market jitters by threatening Iranian oil infrastructure, a move that traders fear could lead to a deeper confrontation and further constrict energy supplies. The soaring costs are creating a dual crisis: economic pain for Americans and political peril for the administration. Energy Secretary Chris Wright has become a public face of efforts to calm consumers, suggesting relief at the pump could come 'in a few more weeks' and indicating that timeframe as a likely end to the conflict. However, economists warn that the price surge is worsening a 'K-shaped' economic divide. Despite the U.S. being a major oil exporter, officials acknowledge that integrated global markets offer little shield from the price shocks originating in the volatile Middle East.
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Sources
Energy secretary says Americans could feel relief on gas prices 'in a few more weeks'
His remarks come just days after ... told NBC News that 5,000 additional Marines and sailors are deploying to the Middle East. In the "Meet the Press" interview, Wright also responded to questions about how much longer the conflict with Iran could last. Asked whether the war could be over in a few more weeks, the energy secretary said, “I think that’s the likely time frame.” · Trump and other ...
NEWYou can now listen to Fox News articles! President Donald Trump's suggestion that Iranian oil infrastructure could be a U.S. target sent oil and gasoline prices higher on Monday, as traders weighed the risk of a deeper confrontation that could further exacerbate global energy supplies.
US drivers see gas prices jump to their highest level since 2023 as the Iran war drags on
According to AAA, the national average for a gallon of regular gasoline jumped to $3.79 on Tuesday, up from $2.98 consumers were paying before the US and Israel launched the war with joint attacks against Iran on Feb. 28.
The US exports oil, but that won’t shield Americans from higher gas prices - Poynter
With the Iran war prompting oil transport blockages in the Middle East that are pushing up oil and gasoline prices, Energy Secretary Chris Wright has become a public face of the Trump administration’s efforts to calm consumers. In a March 12 interview on Fox News, Wright downplayed the impact ...
Iran targets UAE energy infrastructure as gas field set ablaze, tanker struck near Strait of Hormuz
Oil prices were trading higher on the news. ... Fire and plumes of smoke rise from an oil facility in Fujairah, United Arab Emirates, Saturday, March 14, 2026. ... A fresh wave of attacks on the United Arab Emirates' energy infrastructure has ramped up concerns over prolonged supply disruptions amid the Iran war...
Oil and gas prices rise again after Iran attacks production facilities | Oil | The Guardian
Brent crude, the international benchmark oil price, climbed 2.3% to almost $103 (£77) a barrel and was up nearly 50% from levels before the war began on 28 February. Wholesale gas prices rose nearly 3% to €52 (£45) a megawatt hour, compared with about €30 before the war. For the first time, Iran ...
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