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As of March 12, 2026, Iran has claimed responsibility for attacks disrupting oil shipments through the Strait of Hormuz, a critical route for 20% of global oil. This has driven oil prices near $100 per barrel, pushing US gas prices above $3 per gallon nationwide for the first time since 2023. The US and allies face supply constraints amid ongoing conflict and strategic reserve releases.
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Since the US and Israel launched strikes on Iran, oil prices have risen sharply, surpassing $100 per barrel for the first time in over three years. Disruptions in the Strait of Hormuz and regional production have driven global supply fears, impacting fuel prices and economies worldwide. US gas prices are expected to increase further today.
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The Iran conflict has pushed U.S. gas prices above $4 per gallon, with California seeing prices as high as $6.72 in Mono County. The war has disrupted oil supplies, causing wholesale prices to rise and impacting consumers nationwide. Prices vary widely due to taxes and local factors.
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Following a U.S.-Iran ceasefire, global oil markets have stabilized, leading to a potential decline in fuel prices within days. However, high prices persist in California and other regions due to supply disruptions and refinery constraints. Experts warn prices will remain elevated for months despite the ceasefire.