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Gas Prices Surge to $3.58 Amid Iran Conflict

3/12/2026

47 9 Full Breakdown

Summary

Story summary

Gas prices in the United States have surged to $3.58 per gallon amid an ongoing military conflict with Iran.
In Oregon, prices have reached as high as $4.05 per gallon, with significant regional variations, while the Strait of Hormuz disruption pushes crude above $100 per barrel.
Analysts forecast further increases to $4 per gallon as the situation escalates, with U.S. President Donald Trump saying the spike is temporary.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo against nations supporting Israel during the Yom Kippur War, causing oil prices to quadruple from $3 to nearly $12 per barrel. This crisis reshaped global energy dynamics and led to increased U.S. energy dependence, a trend echoed today amid rising gas prices linked to tensions with Iran.

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Story summary

Gas prices in the United States have surged to $3.58 per gallon amid an ongoing military conflict with Iran.
In Oregon, prices have reached as high as $4.05 per gallon, with significant regional variations, while the Strait of Hormuz disruption pushes crude above $100 per barrel.
Analysts forecast further increases to $4 per gallon as the situation escalates, with U.S. President Donald Trump saying the spike is temporary.

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