Gas prices in the United States have climbed above $4 per gallon for the first time since 2022, driven by a global oil shock linked to the ongoing Iran conflict.
According to AAA, the national average reached $4.018 per gallon Tuesday—marking a more than 30% increase since the war began on Feb. 28.
What’s Driving the Spike?
The surge follows escalating tensions involving Iran and its closure of the Strait of Hormuz, a critical passage that carries about 20% of the world’s oil supply. The disruption has tightened global supply and pushed crude oil prices up more than 50%, reaching roughly $117 per barrel.
Although the U.S. produces more oil than it consumes, fuel prices remain tied to global markets—meaning Americans still feel the impact of overseas conflicts.
Economic Concerns Grow
Fatih Birol of the International Energy Agency warned the crisis could surpass the energy shocks of the 1970s, calling it a “major threat” to the global economy.
Higher crude prices directly affect drivers, as oil accounts for more than half the cost of gasoline, according to the U.S. Energy Information Administration.
Government Response
In an effort to stabilize markets, IEA member nations plan to release 400 million barrels of oil from strategic reserves—the largest coordinated release in history. The U.S. is expected to contribute nearly half, alongside measures aimed at easing supply constraints and restoring tanker traffic in the region.
What It Means for Drivers
With prices rising fastest in the South and West, experts warn that relief may take time if supply disruptions continue. For now, drivers across the country are bracing for sustained high costs at the pump.
For more on the soaring gas prices due to the U.S. war with Iran, stay tuned to Que Onda Magazine.