Oil prices spiked past $100 per barrel in early March 2026 — the first time since Russia's 2022 invasion of Ukraine — as the Iran war disrupted 20% of global oil supply. Brent crude spiked to nearly $120 at one point before settling back below $90.
The national gas average hit $3.48 per gallon, up 48 cents in a single week and 58 cents from a month ago. Gas prices reached the highest level of either of Trump's terms in office.
Iran threatened to attack oil tankers passing through the Strait of Hormuz, through which 20% of world oil transits. The Iran war has disrupted global oil supply for over a week — more than double the disruption record set during the Suez Crisis.
Trump's response: he dismissed soaring gas prices as “a little glitch” of the Iran war. The man who campaigned on lowering gas prices and who attacked Biden relentlessly over $3/gallon gas now presides over even higher prices caused by a war he chose to start — and calls the impact on American families “a little glitch.”