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Gas Prices Surge Amid Historic Oil Disruption

3/15/2026

45 7 Full Breakdown

Summary

Story summary

Gas prices have risen to $3.63 per gallon, up 23% since late February.
The spike follows U.S.-Israeli actions against Iran that disrupted Strait of Hormuz oil flows.
Diesel prices have risen, now above $4.89 per gallon.
The International Energy Agency (IEA) reports the largest oil disruption in history, as Gulf states cut at least 10 million barrels daily and coordinate a 400 million-barrel reserves release, while prices rise.

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, leading to a 400% increase in oil prices. This event reshaped global energy policies and prompted the establishment of emergency stockpiles, highlighting the geopolitical power of oil and its lasting impact on energy security strategies.

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Story summary

Gas prices have risen to $3.63 per gallon, up 23% since late February.
The spike follows U.S.-Israeli actions against Iran that disrupted Strait of Hormuz oil flows.
Diesel prices have risen, now above $4.89 per gallon.
The International Energy Agency (IEA) reports the largest oil disruption in history, as Gulf states cut at least 10 million barrels daily and coordinate a 400 million-barrel reserves release, while prices rise.

1 / 2