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Gas Prices Jump 35% After U.S.-Iran War, Highest Since 1967

4/24/2026

23 2 Full Breakdown

Summary

Story summary

Gasoline prices rose about 35% after the February 28 U.S.-Iran war launch, reaching $4.02 per gallon, the largest monthly increase since 1967.
The conflict blocked commercial traffic through the Strait of Hormuz, limiting oil supplies and driving the nationwide gasoline price surge.
A Pew Research Center poll found 55% of Republicans, 82% of independents and 95% of Democrats blame President Donald Trump for the higher gas prices.

History

Historical Context

After U.S. oil output peaked in 1969-70, Arab OAPEC members led by Saudi Arabia cut production in October 1973 to protest American support for Israel, causing world oil prices to jump about 400% and sparking the 1973 oil crisis. The February 28 2024 closure of the Strait of Hormuz revived those supply-shock fears, pushing U.S. gasoline prices higher.

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Story summary

Gasoline prices rose about 35% after the February 28 U.S.-Iran war launch, reaching $4.02 per gallon, the largest monthly increase since 1967.
The conflict blocked commercial traffic through the Strait of Hormuz, limiting oil supplies and driving the nationwide gasoline price surge.
A Pew Research Center poll found 55% of Republicans, 82% of independents and 95% of Democrats blame President Donald Trump for the higher gas prices.

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