Oil Price surge pushes U.S. gas prices higher as Iran war disrupts supply
Gas prices across the United States are climbing quickly as the fallout from the U. S. -Israeli attack on Iran continues to disrupt energy flows, lifting the oil price and squeezing drivers. As of 9: 14 a. m. ET Saturday, AAA data showed the national average for a gallon of regular gasoline up 14% in a week to $3. 41, after being under $3 a week earlier.
The spike matters because the conflict has severely disrupted oil flows through the Strait of Hormuz and pushed crude oil above $90 a barrel, a move that can feed directly into higher prices at the pump. AAA also pointed to a past parallel, saying the last similar weekly jump in the national average happened in March 2022 at the start of the Russia/Ukraine conflict.
AAA tracks a 14% jump to $3. 41 as Oil Price moves above $90
AAA said the national average for regular gasoline rose to $3. 41 on Saturday, marking a sharp one-week increase. The organization noted that the price had been under $3 just a week earlier, underscoring how quickly the market shifted as the conflict intensified.
AAA warned that prices may rise further, noting that the last time crude oil was at a similar level, the average U. S. price of a gallon of gas was $3. 80. That comparison is being watched closely by drivers and policymakers as the oil price remains elevated amid supply disruptions tied to the fighting.
Strait of Hormuz traffic falls to zero after Iran threats
The conflict has effectively closed the Strait of Hormuz, a key waterway off Iran’s coast through which about 20% of the world’s crude oil and natural gas typically passes. Iran threatened in the first days of the war to attack any vessel traveling through the strait, though a Revolutionary Guard spokesman said Saturday it would remain open to all traffic except U. S. and Israeli ships.
Even with that statement, tanker movements have collapsed. The number of tankers passing through the strait has dropped to zero since Wednesday, leaving global supply routes constrained and supporting higher crude prices.
Trump, Scott Bessent and a 30-day waiver aimed at boosting supply
President Donald Trump made affordability a central plank of his 2024 campaign for the White House and, in his State of the Union address late last month, said his administration had kept gasoline prices down. This week, he also dismissed concerns about rising prices in an interview, saying he had no concern and that prices would drop rapidly when the conflict ends.
Still, the administration has taken a specific step tied to supply. In response to rising gas prices, Treasury Secretary Scott Bessent issued a 30-day waiver on U. S. sanctions on the sale of Russian oil to India, a move aimed at increasing supply.
Next, drivers will be watching weekly AAA updates for the next confirmed national average reading, with the latest benchmark standing at $3. 41 as of 9: 14 a. m. ET Saturday.
