Gas prices surged 74 cents per gallon since the Iran war began, reaching a $3.72/gallon national average — the highest since October 2023. The 26.9% monthly increase is the largest since Hurricane Katrina. Brent Crude hit approximately $105/barrel.
Iran's closure of the Strait of Hormuz — through which 20% of the world's oil and gas passes — triggered the largest supply disruption in history. Qatar halted LNG production due to drone attacks, causing European and Asian natural gas prices to double.
Trump asked allied nations — the UK, France, Germany, China, Japan, South Korea, and Australia — to send warships to help reopen the Strait of Hormuz. Every country declined. Senator Murphy revealed after a classified briefing that the administration had 'NO PLAN' for Iran closing the strait, despite it being '100 percent foreseeable.'
Trump had bragged about $2.30/gallon gas just one month before the war. He then claimed the US benefits when oil prices rise because 'we make a lot of money' — drawing criticism for suggesting ordinary Americans benefit from higher gas prices. CNN reported Trump aides were 'panicking' over the worsening global consequences.