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.
U.S. President Donald Trump has said that the U.S is in talks with the new Iranian regime. He said this in a post on his Truth Social account but warned that the U.S. will "Obliterate" Iran's electric and oil facilities if no deal is reached, especially regarding the Strait of Hormuz closure.
NASA is aiming to launch its Artemis 2 mission on Wednesday (1 April), sending astronauts on a 10-day journey around the Moon, officials confirmed. According to the Space Administration, the launch window is due to open at 23:24 GMT, with additional opportunities to 6 April if delays occur.
The Iran-U.S.-Israel conflict is escalating further with missile and drone attacks, expanded strikes on key infrastructure, and growing regional fallout. At the same time, diplomatic efforts to de-escalate began to emerge amid rising global energy and security concerns.
A senior Iranian military officer warned that American troops will become ‘food for sharks’ on Sunday if the U.S. launches a ground offensive in Iran. The threat came as contingents of U.S. Marines began to arrive in the Middle East, with thousands expected to be deployed in the region.
The Israeli military said on Monday that Iran launched multiple waves of missiles at Israel, and an attack had also been launched from Yemen for the second time since the U.S.-Israeli war began on Tehran. It said two drones from Yemen were intercepted early 30 March but gave no further details.
Japan and Indonesia will deepen coordination on energy security, Tokyo said, as the U.S.-Israeli war on Iran disrupts vital oil and gas flows to Asia.
China's three largest state-owned airlines have issued warnings regarding their financial outlook for the current year, acknowledging that the eruption of war involving Iran has driven jet fuel prices to unsustainable highs.
Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
World Trade Organization (WTO) talks broke up with no agreement on Monday on a plan for reform or even on extending a moratorium on e-commerce, piling more pressure on the trade body that finds itself increasingly sidelined by economic nationalism.
Petrol price spikes triggered by the war in Iran are boosting used electric vehicle sales across Europe, online car platforms told Reuters, in an early sign that pain at the pump is pushing consumers away from combustion engines.
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