Story perspectives

Gas Prices Surge Amid Iran Conflict, Could Hit $150

3/21/2026

Summary

Story summary

U.S. gasoline prices have averaged $3.88 per gallon, up about $1 since the Iran war began on February 28.
The conflict disrupted oil supply after Iranian attacks on energy infrastructure in Qatar and Saudi Arabia.
Brent crude has risen above $116 per barrel, with analysts warning prices could reach $150 if the conflict escalates.
The closure of the Strait of Hormuz worsened supply issues, impacting energy markets and consumer spending.

History

Historical Context

The Iran-Iraq War began on September 22, 1980, following Iraq's invasion of Iran, fueled by fears of Iranian influence after the 1979 revolution. This conflict, marked by extensive casualties and economic turmoil, saw oil prices soar from $14 to $39 per barrel, disrupting global supplies. The ongoing geopolitical tensions in the region continue to impact energy markets today, as evidenced by rising U.S. gasoline prices averaging $3.88 per gallon.

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Story summary

U.S. gasoline prices have averaged $3.88 per gallon, up about $1 since the Iran war began on February 28.
The conflict disrupted oil supply after Iranian attacks on energy infrastructure in Qatar and Saudi Arabia.
Brent crude has risen above $116 per barrel, with analysts warning prices could reach $150 if the conflict escalates.
The closure of the Strait of Hormuz worsened supply issues, impacting energy markets and consumer spending.

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