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Gas Prices Surge Amid U.S.-Iran War Disruption

3/12/2026

38 6 Full Breakdown

Summary

Story summary

Gas prices in the U.S. have risen to $3.58 per gallon, up 20% since February 28.
The U.S.-Iran war disrupted oil shipments through the Strait of Hormuz, with prices potentially rising to $150 per barrel.
U.S. President Donald Trump ordered the release of 172 million barrels from the Strategic Petroleum Reserve.
Inflation may rise 0.9% in March, while the war increases global food and energy prices, impacting low-income countries.

History

Historical Context

The U.S.-Iran War in 1980 caused a 60% spike in oil prices, prompting President Jimmy Carter to tap the Strategic Petroleum Reserve. This disruption highlighted the fragility of global oil supplies, a theme that persists today as ongoing tensions affect shipments through the Strait of Hormuz, contributing to rising gas prices, currently averaging $3.58 per gallon.

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Story summary

Gas prices in the U.S. have risen to $3.58 per gallon, up 20% since February 28.
The U.S.-Iran war disrupted oil shipments through the Strait of Hormuz, with prices potentially rising to $150 per barrel.
U.S. President Donald Trump ordered the release of 172 million barrels from the Strategic Petroleum Reserve.
Inflation may rise 0.9% in March, while the war increases global food and energy prices, impacting low-income countries.

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