US-Iran war threatens energy supplies, sending domestic gas prices soaring
Gas prices have soared after a joint operation between the United States and Israel disrupted the supply chain for crude oil, the main raw material for gasoline.
- Gasoline prices have stabilized at around $4 per gallon following the temporary ceasefire in the US-Iran war.
- Experts predict further price increases are likely due to failed peace talks and the US naval blockade.
- The national average gasoline price rose from $3.12 per gallon before the war to $4.12 per gallon as of April 12.
Gasoline prices have stabilized at around $4 a gallon since the announcement of a temporary ceasefire in the U.S.-Iranian conflict. But negotiations to achieve a longer-term peace have so far failed, and some experts predict that U.S. gas prices are likely to rise again.
Patrick de Haan, GasBuddy’s head of petroleum analysis, said in an April 13 blog post that gas prices held steady at a national average of $4.12 per gallon between April 7 and April 13. But De Haan said failure of talks led by U.S. Vice President J.D. Vance to produce long-term peace could lead to further pain for U.S. drivers.
“Average gasoline prices rose for many Americans early last week, but fell in some regions as oil prices fell following President Trump’s cease-fire announcement,” De Haan wrote. “However, with the breakdown in negotiations and a new escalation over the weekend, motorists should brace for further price increases.”
DeHaan said President Trump’s decision to force the U.S. Navy to close the Strait of Hormuz, which has proven critical to global oil supplies, is likely to worsen prices for U.S. drivers in the short term.
“Moves towards a complete closure of the Strait of Hormuz are exacerbating global supply concerns and risk further disruption to oil flows, sending oil prices soaring in Sunday night trading,” he said. “As a result, petrol prices are likely to rise again this week, with diesel expected to follow, until shipping through the Channel recovers significantly.”
What have happened to gas prices since the Iran war began?
According to AAA, the national average price of gasoline was $3.12 per gallon on February 27, the day before the United States launched its first military attack on Iran. Above. The average price of gasoline as of April 13 of last year was $3.19 per gallon. Since then, the average price of gasoline has been:
- Average gas prices on March 13: $3.63
- Average gasoline price on April 7th: $4.12
- Average gasoline price on April 12th: $4.12
What is President Trump saying about gas prices and the Iran war?
President Donald Trump said oil and gas prices could continue to rise until the November midterm elections, hours after direct peace talks between the United States and Iran broke down.
In an April 12 interview, President Trump told Fox News’ “Sunday Morning Futures” host Maria Bartiromo: “It should be the same, maybe a little bit higher, but about the same.”
The comments came as gasoline prices soared by a record 21.2%, the largest monthly increase in history, according to a report released by the Bureau of Labor Statistics on April 10th. Gasoline prices rose 18.9% over the year.
The inflation rate rose sharply due to soaring gasoline prices, and the inflation rate rose 3.3% in March compared to the previous year.
USA TODAY White House correspondent Swapna Venugopal Ramaswamy contributed to this report.
