Average gasoline prices in the United States have risen to $3.70 per gallon, marking a nearly 24% increase since the war in Iran began on February 28, according to data from AAA.
Oil prices have remained close to $100 per barrel this week as tensions continue to escalate in the Middle East. Brent crude futures rose 2.67% on Friday to close at $103.14 per barrel, while U.S. crude oil increased 3.11% to settle at $98.71 per barrel.
The Strait of Hormuz, through which around 20% of the world’s crude oil flows, has effectively been closed since the conflict began.
The closure has largely halted the movement of oil tankers in the region, disrupting oil exports from several major Middle Eastern producers.
The conflict threatens President Donald Trump’s economic pledge to lower gasoline prices, which had fallen below $3 per gallon in December for the first time since 2021.
Analysts also warn that rising energy costs could drive up food prices, as higher fuel costs increase transportation expenses and push fertilizer prices higher.
Meanwhile, airline ticket prices have also surged due to rising fuel costs linked to the ongoing conflict.
