GasBuddy is trending as fuel prices swing worldwide amid Iran tensions and market turmoil—need-to-know: U.S./Canada gas-price tracker, crowd-sourced.
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.
Since the U.S. and Israel have launched military strikes on Iran, oil prices have increased sharply, reaching over $100 per barrel. This has caused a rise in gasoline and diesel costs in the U.S., with prices expected to stay high for weeks. The conflict is disrupting global oil supplies and shipping routes, impacting economies worldwide.
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.
Oil prices are staying high amid ongoing supply disruptions from Iran, despite a recent ceasefire announcement. Futures prices have declined, but spot prices remain elevated due to persistent logistical issues and damage to energy infrastructure. Gasoline prices are slow to follow crude declines, impacting consumers and global markets.
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.
QVC Group has filed for Chapter 11 bankruptcy in the U.S., citing declining sales and high debt. The company aims to emerge within 90 days, but warns that its financial situation remains uncertain as it struggles to adapt to changing consumer habits and increased competition.
Global energy markets remain tight as the Strait of Hormuz continues to constrain crude flows amid the Iran war. Analysts say jet fuel costs are rising, with U.S. gasoline prices near $4.50 per gallon and potential for $5 as refining capacity shifts toward jet fuel. The driving season looms, and consumers are feeling the impact at the pump.
New data shows the Strait of Hormuz disruption has intensified energy shortages and raised costs across Asia and other regions. Governments are maintaining subsidies in some areas while facing higher oil prices, with ripple effects on fertilizer, electricity and food prices.