The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
The $4-a-gallon milestone was last reached in August 2022 following Russia’s invasion of Ukraine and is widely seen by analysts as a psychological threshold for consumers.
Prices for many goods are rising, including crude oil used to produce petrol, after Iran effectively closed the Strait of Hormuz, a key global trade chokepoint.
Surging fuel costs are beginning to strain U.S. household finances, already under pressure from broader inflation. They have also become a political challenge for U.S. President Donald Trump and his Republican Party ahead of the November midterm elections.
Trump had pledged to reduce energy prices and boost U.S. oil and gas production. However, much of his second term so far has been marked by volatile markets, geopolitical tensions and shifting policies on issues such as tariffs.
U.S. national average retail petrol prices have risen by around $1.06 per gallon, or 36%, since the U.S. and Israel launched attacks on Iran at the end of February.
Raymond James analyst, Pavel Molchanov, said: “A sudden outbreak of war leads to a spike in U.S. gasoline to $4.00 per gallon. That describes the current Iran conflict - and also Russia’s invasion of Ukraine in 2022.
“Then, as now, oil prices surged globally and emergency stockpiles were tapped. However, we expect this crisis to be shorter: whereas petrol remained above $4.00 for 23 weeks in 2022, we anticipate prices beginning to ease in the coming weeks.”
Pump prices could rise further if crude oil continues to climb. U.S. oil futures have surged since the conflict began, settling at $102.88 a barrel on Monday, up $3.24. They rose by more than $3 in Asian trading after Kuwait reported that an oil tanker had been attacked at a Dubai port.
The Trump administration has taken steps to mitigate rising energy costs during the conflict, including issuing a 60-day waiver of the Jones Act shipping law.
The waiver temporarily allows foreign-flagged vessels to transport fuel, fertiliser and other goods between U.S. ports, although industry sources expect it to have only a limited effect on prices.
High petrol prices are already squeezing U.S. households. A Reuters/Ipsos poll found that 55% of respondents said their finances had been affected at least “somewhat” by rising fuel costs. Among those impacted, 21% said their finances had been affected “a great deal.”
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The escalation of conflict involving the United States, Israel, and Iran since 28 February 2026 has moved beyond a regional security crisis to become a systemic shock to the global economy and our pockets.
The ongoing conflict involving Iran is set to disrupt global travel on a massive scale, with nearly 28 million outbound trips from the Middle East at risk this year, according to Oxford Economics.
Transport groups across the Philippines launched a nationwide strike on Thursday in protest against rising oil prices. The action affected 15 to 20 protest centres in Metro Manila, with similar demonstrations taking place across several major provinces.
European Union leaders are meeting in Brussels on 19–20 March for a high-stakes summit shaped largely by external geopolitical shocks, with surging energy prices and a stalled €90 billion loan to Ukraine emerging as the dominant issues.
Dubai’s most iconic hotel, the Burj Al Arab, is set to close for the first time since opening in 1999 as it begins an extensive 18-month refurbishment aimed at preserving its status as a global symbol of luxury.
Azerbaijan and Russia have announced a formal settlement over the 2024 crash of an Azerbaijan Airlines (AZAL) Embraer 190 near Aktau, confirming that all outstanding issues, including compensation, have been resolved.
U.S. President Donald Trump said on Thursday that there was a "good chance" of a peace deal between Lebanon and Israel happening soon, after he announced a 10-day ceasefire between the two countries.
Türkiye is reeling after a second school shooting in as many days, after a 14-year-old student killed nine people - eight pupils and one teacher - and wounded 13 others at a middle school in the south-eastern province of Kahramanmaraş on Wednesday, officials said.
North Korea is making “very serious” advances in its nuclear weapons capabilities, with signs of a new uranium enrichment facility and increased activity at a key complex, the International Atomic Energy Agency chief Rafael Grossi has said.
The Middle East crisis is reshaping transport choices worldwide, turning electric vehicles from a long-term climate goal into an immediate economic calculation.
China’s export growth slowed sharply in March, as the fallout from the Middle East conflict pushed up energy and shipping costs, weakening global demand and exposing risks in Beijing’s reliance on manufacturing to drive growth.
A French fashion label is placing China at the heart of its global ambitions, choosing Shanghai for its worldwide debut in a move that shows growing confidence in the country’s consumer market and cultural influence.
Walt Disney is planning to cut up to 1,000 jobs in the coming weeks, with many of the reductions expected to affect its marketing division, The Wall Street Journal reported on Wednesday, citing sources familiar with the plans.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
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