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A ‘Kudlow’ panel analyzes President Donald Trump’s controversial ‘Venezuela oil model’ for Iran, aiming to seize control of Iranian crude.<\/p>\n
U.S. gasoline prices on Monday topped $4 a gallon nationwide, adding pressure to household budgets as oil markets surge in response to the lingering Iran conflict.<\/p>\n
Data from GasBuddy showed the national average price for regular gasoline at $4.018 per gallon, with mid-grade at $4.541 and premium at $4.904. AAA data also confirmed the national average moving above the $4 threshold, reinforcing the upward trend in fuel costs.<\/p>\n
Prices have risen sharply in recent weeks, with the national average up about $1.06 per gallon, or roughly 36%, when tensions escalated following U.S. and Israeli strikes targeting Iran in late February.\u00a0<\/p>\n
The increase reflects a broader rally in oil markets, with U.S. crude futures settling at $102.88 a barrel on Monday, up $3.24. Prices also jumped more than $3 in Asian trading after Kuwait said an oil tanker was attacked at a Dubai port, underscoring ongoing supply risks.<\/p>\n
OIL HAS SURGED SINCE THE IRAN CONFLICT BEGAN, BUT GAS PRICES MAY NOT BE DONE RISING<\/p>\n
Gas prices are displayed at an Arco gas station on March 30, 2026, in Los Angeles, California.\u00a0 (Mario Tama\/Getty Images \/ Getty Images)<\/p>\n
Fuel markets have been particularly sensitive to disruptions tied to the Strait of Hormuz, a critical corridor for global crude shipments, where Iran has effectively restricted traffic, tightening supply expectations.<\/p>\n
Further gains at the pump are possible if crude prices continue to rise, analysts say.<\/p>\n
The Trump administration has moved to mitigate the impact, issuing a 60-day waiver of the Jones Act that allows foreign-flagged vessels to transport fuel and other goods between U.S. ports. However, industry analysts expect the measure to have only a limited effect on retail gasoline prices.<\/p>\n
POWELL WARNS OF NEW ENERGY SUPPLY SHOCK AS GAS PRICES SURGE: \u2018NO ONE KNOWS HOW BIG IT WILL BE\u2019<\/p>\n
High gas prices are listed at Chevron gas station in Los Angeles on March 9, 2026, as gasoline prices surge amid the ongoing war with Iran.\u00a0 (Frederic J. BROWN \/ AFP via Getty Images \/ Getty Images)<\/p>\n
Rising fuel costs are weighing on consumers already facing broader price pressures and have emerged as a political challenge for President Donald Trump and congressional Republicans ahead of the November midterm elections.<\/p>\n
An Iranian national flag flies at the Persian Gulf Star Co. (PGSPC) gas condensate refinery in Bandar Abbas, Iran. (Ali Mohammadi\/Bloomberg via Getty Images \/ Getty Images)<\/p>\n
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Trump has pledged to reduce energy prices and boost domestic oil and gas production, but his second term has so far been marked by market volatility and geopolitical tensions.<\/p>\n
Reuters contributed to this report.\u00a0<\/p>\n
#gas #tops #gallon #Iran #conflict #drives #sharp #rise #fuel #costs<\/p>\n","protected":false},"excerpt":{"rendered":"
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