March 31, 2026 01:31 PM seekingalpha.com Negative

US pump prices top $4 a gallon as Iran conflict sends global energy costs higher

BNO BOIL DBO DRIP FCG GUSH KOLD SCO UCO UGA UNG UNL USL USO USOI

[Gasoline pump nozzle sign. Fuel pump petrol station,Oil and Gas station at sunrise and orange sky .]
Rangsarit Chaiyakun

The U.S. national average price of gasoline rose above $4 a gallon on Monday for the first time in more than three years, according to GasBuddy data, as the U.S.-Israel war with Iran continued to disrupt global energy markets.

The $4 per gallon milestone was last reached in August 2022 following Russia's invasion of Ukraine and represents what some analysts have called a psychological barrier for consumers, according to a _Reuters _report. Prices for many goods are climbing, including oil used to make gasoline, following Iran's essential closure of the Strait of Hormuz, a key trade chokepoint.

Front-month Nymex natural gas (NG1:COM [https://seekingalpha.com/symbol/NG1:COM]) futures were down 1.6% in early trading on Tuesday to $2.84/MMBtu. Diesel prices (HO1:COM [https://seekingalpha.com/symbol/HO1:COM]) were up 0.3% to $4.22.

U.S. national average retail gasoline prices have climbed about $1.06 a gallon, or 36%, since the U.S. and Israel attacked Iran at the end of February.

"A sudden outbreak of war leads to a spike in US 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 soared around the world, and emergency oil stockpiles were tapped. But we envision this crisis being ‌shorter: ⁠whereas gas stayed above $4.00 for 23 weeks in 2022, we expect prices starting to cool in the next few weeks," Raymond James analyst Pavel Molchanov told Reuters.

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MORE ON ENERGY, ETC.

* What Markets Are Telling Us About The Duration Of The Middle East Conflict [https://seekingalpha.com/article/4887305-what-markets-are-telling-us-about-duration-of-middle-east-conflict]
* Oil Shock Meets Asset Price Deflation [https://seekingalpha.com/article/4887262-oil-shock-meets-asset-price-deflation]
* Is The War Really Reaching Its End? Assets Bounce Despite Oil Rally - Market Check [https://seekingalpha.com/article/4887257-is-war-really-reaching-its-end-assets-bounce-despite-oil-rally-market-check]
* U.S. crude oil closes above $100 for first time since 2022 after latest Middle East threats [https://seekingalpha.com/news/4570479-us-crude-oil-closes-above-100-for-first-time-since-2022-after-latest-middle-east-threats]
* War in Iran could lead to a U.S. inflation shock – Mohamed El-Erian [https://seekingalpha.com/news/4570444-war-in-iran-could-lead-to-a-u-s-inflation-shock-mohamed-el-erian]